The Self-Employed Health Insurance Deduction - Who Qualifies? 1 Credit
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Oct 18, 2024 | 10:00 AM
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Did you know there's a tax advantage that allows self-employed individuals to turn their health insurance premiums into a valuable deduction, unlike most people who can't?
The Self-Employed Health Insurance deduction allows self-employed taxpayers to lower their taxable income by the cost of their paid insurance premiums. This is special because most individuals are not able to deduct the cost of their premiums on their return. This is due to them not itemizing deductions. Even if they did, itemized medical expenses are limited to the amount only over 7.5% of the taxpayer’s adjusted gross income.
Self-employed taxpayers can deduct up to 100% of their premiums and it is not dependent on their adjusted gross income. However, there are limitations to prevent the taxpayer from deducting the full amount.
This CE Tax Webinar will equip tax professionals with the information they need to understand which business owners qualify for this credit. Not only who qualifies for the deduction but also how to calculate and input the deduction on the return. The IRS does not consider this a business expense, so it is not deducted on Schedule C.
During our time together the speaker will also cover the new criteria that taxpayers must meet to qualify for the full deduction. The speaker will also discuss the limitations that prevent the individual from being able to deduct 100% of the premiums. An introduction will also be given to the self-employed health insurance deduction worksheet so participants will understand how the calculation happens. We will also take a look at who may qualify for both the deduction and the advance premium tax credit.
Key topics covered in this course:
Valid upto : Dec 31, 2024
Valid upto : Dec 31, 2024
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Advance Preparation
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TIMALYN BOWENS is the owner and lead accountant for Bowens Tax Solutions. She is also affectionately known as “America’s favorite enrolled agent” by clients and colleagues across the U.S.
As an enrolled agent, Timalyn is licensed by the Internal Revenue Service as a tax expert and given clearance to officially represent your case to them.
At Bowens Tax Solutions, she spearheads a team of industry specialists with 24+ years of collective experience serving clients and getting results.
Timalyn began her career in 2011 at a distinguished global accounting firm, where she fell in love with taxes and tax law.
“You don’t deserve to be paralyzed by tax debt. That’s why I’m on a mission to fill the tax literacy gap one taxpayer at a time. Navigating the IRS alone can be nerve-wracking. Let us help make it a pain-free process. ”
Timalyn has been praised for her ability to teach as she works by her clients and for being knowledgeable, patient, and reliable by her peers and mentees.
When she isn’t fighting tax debt, you can find her outside with her husband and daughter enjoying everything that nature has to offer.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
JL
Timalyn's presentation was concise and to the point which I appreciate in a 1hr course. Presentation handouts were good as well. I'm not a tax professional but work with a lot of self employed subcontractors who are probably not taking advantage of this deduction or are doing so incorrectly so it's good info I can pass along.
TP
I really enjoyed this course since it gives knowledge about a topic that is not very frequently discussed in-depth. The presenter is very familiar with the self-employed health insurance deduction specifics and was able to provide the information is a very organized and structured way. Thank you!
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