We are losing my wife’s and are going to be taking out a private policy. I am self-employed and think I can deduct the from my taxable income.

Does anyone know if that is the case? I would appreciate anyone who could point me in the right direction.

 

  • the tax lady 9:01 am on February 8, 2010

    If you establish the policy in the name of the business (or your name if a sole proprietor), then you can deduct the premiums on the front of the 1040, line 29.

  • angelina 9:01 am on February 8, 2010

    yes

  • wrnbby 9:01 am on February 8, 2010

    yes, next year when you file (or later in the year, if you file quarterly for business purposes) you can deduct that as part of your self employment expenses. I am self employed (but not insured) and when i just recently filed i remember seeing that as one of the deduction lines, along with other expenses.

    • People are reading:

    how can i tell if my insurance premiums are pre taz, can i deduct my health insurance preium i am paying for after taxes on my tax return