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.