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Month: June 2020

Are Health Insurance Premiums Tax-Deductible?

Self-Employed Milford, NH Resident Has Questions

Self-employed individuals are able to deduct all premiums paid for health insurance.  This deduction is not available if the individual is eligible to participate in an employer’s health care plan but chooses to decline.  If you qualify for coverage under a spouse’s healthcare plan but decline this also, the tax deduction is ineligible.  Keep in mind that self-employed individuals are not able to deduct more than their generated income in a single calendar year.

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How Will Working from Home Affect My Taxes?

Windham, NH Resident Seeks Advice

Employees working from home are no longer able to deduct business expenses, as this deduction was eliminated in 2018.  Only self-employed individuals can qualify for home office deductions.  Self-employed workers can claim either $5 per square foot of home office space up to 300 square feet, or a percentage of the home and costs to maintain it as a deduction.

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