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What You Need To Know About The One-Year Tax Deduction On Health Costs for the Self-Employed

Thursday, September 30, 2010

On September 27, 2010, the Small Business Jobs and Credit Act of 2010 (H.R.5297) was signed into law. The legislation provides an important tax break for the over 23 million self-employed Americans that represent 78 percent of all small businesses in the U.S.

The self-employed have not received the same tax benefit related to health insurance expenses that all other businesses entities have enjoyed. Various business entities are able to fully deduct the cost of health coverage as a business expense, saving them a significant amount in payroll taxes.

With the passage of the Small Business Jobs and Credit Act, the self-employed will be allowed to take a one-year tax deduction on health costs for payroll tax (self-employment tax) purposes.

Here is some guidance to determine whether you can benefit from this new deduction: What You Need To Know About the One-Year Tax Deduction On Health Costs for the Self-Employed

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