Health Insurance Deduction Tips

Aug. 10, 2012 - PRLog -- If you are self-employed during 2012, you may be able to deduct 100% of the premiums paid for medical and dental insurance (and qualified long-term care insurance) for yourself, your spouse, and your dependents.

Self-employed persons can claim this deduction on line 29 of form 1040, rather than using Schedule C. This is an ‘above-the-line’ deduction so even if you don’t itemize your deductions you can still claim this deduction.

Deductible health insurance premiums include medical and dental insurance for you, your spouse, and your dependents. Qualified long term-care insurance premiums for yourself, your spouse, and your dependents can also be deducted.

source http://www.speedycpa.com/?p=801

About the author Zev Jankovic, CPA
Zev has 14 years of wide-ranging business experience. Zev has a Bachelors
in Business Administration from the University of Phoenix and a Masters in Accounting
and Information Management from the University of Texas at Dallas (and a member
of Beta Gamma Sigma – Business Honor Society). He is a Certified Public
Accountant (CPA). Zev enjoys spending time with his family, learning Talmud, listening
to music, and hiking in the beautiful Rocky Mountains.