myCPE
myCPE

The Self-Employed Health Insurance Deduction - Who Qualifies? 1 Credit

Oct 18, 2024, 10:00 AM ET

The Self-Employed Health Insurance Deduction - Who Qualifies? 1 Credit

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Oct 18, 2024, 10:00 AM ET

Learning Objective

  • To discuss an introduction to the self-employed health insurance deduction.
  • To know what qualified health insurance is for this deduction.
  • To analyze what business owners are eligible to claim the self-employed health insurance deduction.
  • To discuss which self-employed individuals may be ineligible for this deduction.
  • To know how to claim the deduction on a self-employed individual’s tax return.
  • To explain that some individuals may be eligible for the self-employed health insurance deduction and Advance Premium Tax Credit (APTC).

Course Overview

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:

  • What is the self-employed health insurance deduction?
  • Why individuals can claim this deduction even if they do not file an itemized return.
  • Who is eligible to claim 100% of their health insurance premiums with this deduction?
  • How claiming this deduction affects your tax return. 
  • Why some taxpayers are eligible to claim both the self-employed health insurance deduction and the advance premium tax credit.

Podcast Credits

Short Video Credits

On Demand Credits

Live Credits

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Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Timalyn Bowens
Timalyn Bowens

Owner, Bowens Tax Solutions

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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.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course 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.

How are credits reported to governing bodies?

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.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

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.

How can I access my webinar completion certificates?

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.

How are credits reported to governing bodies?

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.

Reviews and Ratings

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JL

James Lum, CPA (US)

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

Tatiana Pekina, CPA (US)

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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