Taxes: Self-Employed Can Deduct Health Insurance (Bloomberg Businessweek)

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Taxes: Self-Employed Can Deduct Health Insurance (Bloomberg Businessweek)

“The self-employed health insurance deduction is one of the most powerful deductions you can take—and one of the single most-powerful ways to address the affordability of health insurance,” says Keith Hall, a certified public accountant and tax adviser for the National Association for the Self-Employed, which is based in Annapolis Junction, Md. Health insurance is a so-called “above-the-line” deduction, which means it reduces your adjusted gross income dollar-for-dollar. “Depending on your tax bracket, it could represent a substantial reduction in your tax” liability, Hall says.

You should report the deduction on line 29 of your IRS Form 1040. You can include premiums paid on qualified long-term-care insurance, if you purchase that as well. In addition to what you found in your tax preparation software, you can get instructions on filling out your 1040 here, and in IRS Publication 535, which discusses the self-employed health insurance and long-term-care deductions here. Instructions for free e-filing of 2011 returns are available.

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