{"id":1218,"date":"2013-03-28T15:52:13","date_gmt":"2013-03-28T20:52:13","guid":{"rendered":"http:\/\/hoorfarlaw.com\/blog\/?p=1218"},"modified":"2013-03-28T15:52:13","modified_gmt":"2013-03-28T20:52:13","slug":"dont-miss-the-health-insurance-deduction-if-youre-self-employed","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=1218","title":{"rendered":"<a href=http:\/\/www.hoorfarlaw.com>Don&#8217;t Miss the Health Insurance Deduction if You&#8217;re Self-Employed<\/a>"},"content":{"rendered":"<p><a href=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2013\/03\/medical11.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-thumbnail wp-image-1219\" title=\"medical1\" src=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2013\/03\/medical11-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/a><\/p>\n<p>If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed.<\/p>\n<p>The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the end of 2012, even if the child was not your dependent.<\/p>\n<p>You may be able to take this deduction if one of the following applies to you:<\/p>\n<ul>\n<li>You had a net profit from self-employment. You would\u00a0report this on a Schedule C, Profit or Loss From Business, Schedule C-EZ,\u00a0Net Profit From Business, or Schedule F, Profit or Loss From Farming.<\/li>\n<li>You had self-employment earnings as a partner reported\u00a0to you on Schedule K-1 (Form 1065), Partner&#8217;s Share of Income, Deductions, \u00a0\u00a0\u00a0\u00a0 Credits, etc.<\/li>\n<li>You used an optional method to figure your net earnings from self-employment on Schedule SE, Self-Employment Tax.<\/li>\n<li>You were paid wages reported on Form W-2, Wage and Tax Statement, as a shareholder who owns more than two percent of the\u00a0outstanding stock of an S corporation.<\/li>\n<li>There are also some rules that apply to how the insurance plan is established. Follow these guidelines to make sure the\u00a0plan qualifies:<\/li>\n<li>If you&#8217;re self-employed and file Schedule C, C-EZ, or\u00a0F, the policy can be in your name or in your business&#8217; name.<\/li>\n<li>If you&#8217;re a partner, the policy can be in your name or\u00a0the partnership&#8217;s name and either of you can pay the premiums. If the\u00a0policy is in your name and you pay the premiums, the partnership must\u00a0reimburse you and include the premiums as income on your Schedule K-1.<\/li>\n<li>If you&#8217;re an S corporation shareholder, the policy can\u00a0be in your name or the S corporation&#8217;s name and either of you can pay the \u00a0\u00a0\u00a0\u00a0 premiums. If the policy is in your name and you pay the premiums, the S\u00a0corporation must reimburse you and include the premiums as wage income on\u00a0your Form W-2.<\/li>\n<\/ul>\n<p>Courtesy of the Internal Revenue Service.<br \/>\nVisit our website at <a href=\"http:\/\/www.Hoorfarlaw.com\">www.Hoorfarlaw.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed. The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their &hellip; <a href=\"https:\/\/hoorfarlaw.com\/blog\/?p=1218\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[236,229,146,16,237],"class_list":["post-1218","post","type-post","status-publish","format-standard","hentry","category-general","tag-health-insurance-deduction","tag-hoorfar-law","tag-internal-revenue-service","tag-irs","tag-self-employed"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1218"}],"version-history":[{"count":3,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1218\/revisions"}],"predecessor-version":[{"id":1222,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1218\/revisions\/1222"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}