Deductibility About Health Insurance
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courtenay
Apprentice
Joined: 28 Feb 2005
Posts: 11
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 Posted: 10/16/07 - 06:54 Post subject: |
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| Hello everyone! I am increasingly getting fed up with my job! After doing some calculations, I am seriously starting to see the point in giving up my job and becoming self employed. I am sure I would get plenty of work... But I am looking into other issues around this too. Health insurance is one of them. Would it be deductable from tax? |
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ellerey
Apprentice
Joined: 08 Feb 2006
Posts: 9
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| Posted: 11/05/07 - 03:49 Post subject: |
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| If you set up the insurance plan under your company name, you might just be able to. The condition is that you are self employed - and your deduction is not allowed to be of a higher value than your total earned income. In fact it would not only cover you but also your partner and children. If you at the same time qualify for a health plan of an employer, you lose the right to this deduction. |
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