If you file Schedule A (long form) you can deduct your health insurance premiums as a medical expense. If you pay this through your employer, most likely you have it paid from pre-tax income such as through a cafeteria plan, then you are not allowed to deduct the premiums.
about 10-20% because of the off and on differences the health has. the 401(k) would most likely benefit from this.
No, you cannot deduct premiums paid on disability insurance policies. Two scenarios, first if your employers pays the premiums you would receive the disbursements as taxable income. If you pay your own premiums, then you would receive the disbursements tax free. Either way, you cannot deduct on your individual income tax the premiums paid. Think about it! If your employer paid the premiums, there was no expense to you, hence no deduction!. If you paid the premiums, you do have an expense BUT you are receiving the disbursements tax free and therefore could not take a deduction!
Can I add my monthly health insurance payment from my employer to my medical deductions, such as medications prescribed, office visits, etc..
No. Also, it is probably not a good idea to try and deduct the premiums for diability or life insurance because if you deduct the premiums or if the employer pays the premiums then any benefits are then taxable. You certainly would not want to have to pay income tax on a large life insurance benefit just because you wanted to deduct a few hundred dollars of insurance premiums.
Yes, beginning in tax year 2010, you can deduct health insurance premiums when arriving at income subject to SE tax.
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
PMI is not a deductible expense.
As a business owner you can fund the policy from the retained earnings (RE) of the buisiness for individual use or coverage. This will allow the business owner to fund the policy from a pool of money that is taxed at the business level vs his/her individual taxation level (usually highest tax bracket)
Assuming the purpose of the insurance is for a buyout or keyperson, the answer is no.
You will always want to deduct any taxes that are paid out of your income. You can also deduct premiums for life insurance, as well as other types of insurance.
Generally, the premiums are not deductible, and benefits would not be taxable income.
Generally as personally owned life insurance you would not deduct the premiums on your taxes. This would make the normally nontaxable death benefit subject to taxation.
If you are deducting business expenses it is same whether they are on credit or cash or check. Deduct them with written records of who, what, when, where and why, the same as any other business expense. There must be a valid business reason for the expense. If you charge it in 2008 and don't pay until 2009, it goes in 2008. - HR Block preparer
Are you a blogger at home? Do you run a hair business at home? Whatever the case, you may be able to deduct the expense of a laptop computer for your personal business. Do not forget to deduct the expense of a laptop computer when filing your taxes. A laptop computer can offer a great opportunity for potential savings on your taxes. Bloggers are able to deduct the expense of a laptop, because a majority of their income comes from their creating blog posts through a laptop computer. A hair stylist may also deduct the expense of a laptop computer if she uses it so make hair appointments.
I am not finding an answer to my question---Are the premiums on my medicare supplement tax deductable? Please help!
I own a marketing company and gave away a couple of videos to promote my new business. Can I deduct what I would have charged for those videos?
Yes, you can deduct them either as an itemized deduction if you are filing a personal return, or if you are treating it as a business you can deduct them as an itemized deduction. The problem is that's not very fun because most people typically take the standard deduction. Maybe you were considering offering business advice, and as such the subscriptions are an expense. So, you could deduct them on a Schedule C. Generally I write mine off as a business expense because I have a business which deals with investments, because if they go as an Itemized Deduction I lose them at some point.
not unless you can write it off as a business expense, i however doubt that would be a correct statement of why you have cable
If I'm understanding the question correctly, then yes, employers can deduct premiums for group life insurance on a pre-tax basis.
If on medicare you can't, b/c social security will deduct b/c you get your payment. If you have a supplement or mapd policy call insurance carrier
No, insurance is not deductable.