Business Owners Tax Newsletter, November 2011
Deducting and Double-deducting healthcare expenses
People often think you can deduct medical expenses, but the deduction usually doesn’t work. Taxpayers only get the deduction if they itemize--and only 35% of the population itemizes. But it gets worse because taxpayers who do itemize can only deduct medical expenses in excess of 7.5% of their adjusted gross income (AGI). Only about a sixth of itemizers end up deducting medical expenses.
If you’re a business owner, fortunately, you can easily deduct your healthcare expenses by using tactics such as the self-employed health insurance deduction and the health savings account option. If you run a one-person business, you can even double-deduct your healthcare expenses by using S corporations or healthcare reimbursement arrangements.
how do you do this? You just need to use the tricks and follow the rules described in the November 2011 issue of the Business Owners Tax Newsletter. Interested in learning more? Visit <a href="http://www.scorporationsexplained.com/business-tax-newsletter.htm">Business Owners Tax Newsletter</a>
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