Bookkeeping

Can a business owner write off any personal medical expenses or health insurance?

Business owner is using medical expenses as a business expense in lieu of health insurance but I don’t think they can personally write off either. Can they write of any of these sort of expenses for themselves?

in progress 1 Answer

Answer

  1. 74 Answers

    Hi unfortunately no they can not write off insurance premiums or actual medical expenses on the business books. Now if your client wants to track these expenses you can set up an Equity-Health Insurance account on the balance sheet. This is a good way to track out-of-pocket expenses which if they neet the threshold could be included included as itemized deductions on their tax return.

Leave an answer