COLUMBUS, OH, December 23, 2011 (Press-News.org) It is no secret that self-employed workers generally do not have the leverage to earn significant discounts on health insurance. However, there are affordable options available in the market, which Insure4USA.com, one of USA's leading online insurance service, brought to light in a recent article published by the company while addressing the issue of health insurance deduction. One of the major dilemmas that self employed individuals face is filing tax returns. Many are confused about what they can claim as deductions and the actual amount of tax they need to pay.
According to Alex, CEO of Insure4USA.com, health insurance is one of the biggest areas of confusion. When asked to elaborate on this issue Alex said, "It is important for self employed individuals to understand that paying for health insurance makes them eligible to deduct costs included on their health insurance policy not only for themselves but their spouse and any dependents as well. They can make the most of these deductions at the end of the year. The major aspect to understand is to who qualifies and for how much."
The article goes on to explain various categories of self employment and their eligibility to claim health insurance tax deductions. While Schedule C is applicable to self employed individuals, Schedule F is designated for farmers. Both types of self employed individuals are eligible to claim deductions. In addition, those in partnership in an LLC or incorporate as an S Corporation are also eligible for tax deductions on health insurance. Alex adds, "While these form the major types of self employed, it is important to consult a tax professional when individuals have any doubts about whether they qualify or not."
Self employed individuals that opt for health insurance tax deductions must be aware that they cannot claim deductions on everything spent on health insurance. The actual amount is derived at by calculating their self employment income and subtracting the amount of self employed taxes to be paid along with other contributions to a retirement fund. The balance is the amount that can be claimed as a health insurance tax deduction. Alex added a word of caution, "In case a self employed individual runs into a loss then the cost of health care cannot be deducted. Only certain expenses that involved a co-payment such as visits to the doctor and expenses on drugs can be deducted. There are many more aspects to health insurance deductions which we request everyone to go through in our recently published article."
To access the full article, readers can go to http://www.insure4usa.com/self-employed-health-insurance-deduction.html
About Insure4USA.com
Insure4USA.com is an online marketplace that allows consumers compare insurance quotes online for any types of insurance protection.
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Insure4USA.com Educates Consumers About Health Insurance Deduction for Self-Employed
There are affordable options available in the market, which Insure4USA.com, brought to light in a recent article published by the company while addressing the issue of health insurance deduction.
2011-12-23
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[Press-News.org] Insure4USA.com Educates Consumers About Health Insurance Deduction for Self-EmployedThere are affordable options available in the market, which Insure4USA.com, brought to light in a recent article published by the company while addressing the issue of health insurance deduction.