If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed. 2013 will be the year that many of the new health care laws under Obamacare will take effect, so stay informed to prevent surprises prior to next year’s tax season.
The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the end of 2012, even if the child was not your dependent.
You may be able to take this deduction if one of the following applies to you:
There are also some rules that apply to how the insurance plan is established. Follow these guidelines to make sure the plan qualifies:
Health Insurance under Obamacare will affect many business owners in 2013. Be sure to take advantage of any deductions that may be available to you.