Tax Changes: Deducibility of Health Insurance

Business owners can now deduct the cost of health insurance for yourself and your family.

Deductibility of health insurance for the purpose of calculating self-employment tax. The Small Business Jobs Act allows business owners to deduct the cost of health insurance incurred in 2010 for themselves and their family members in calculating their 2010 self-employment tax. ( This information provided by: © 2010 Thomson Reuters/RIA. All rights reserved.)

Have you ever looked at the deductions when calculating self-employment taxes? With new legislation, there are cost savings deductions in health insurance that can save you money. Speak to your CPA about how to maximize your deductions.