General Accounting

Do I get any sort of credit for paying a monthly health care premium?

As a self-employed person it’s expensive to have to pay for health care and I’ve opted out of the free government option. Does that help anything when it comes to filing taxes?

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Answer

  1. You are allowed to deduct 100% of your health insurance premiums (including dental and long-term care coverage) for yourself, your spouse, and your dependents. It’s important to note, that this is not a business deduction. This deduction applies only to your federal, state, and local income taxes, not to your self-employment taxes.

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