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This course is valid up to December 31st, 2024 for CFP Professionals. It is advisable to complete this course before that to process the credit on time.
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:
Owner, Bowens Tax Solutions
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.
Duration
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Pre-requisites
Advance Preparation
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 maintenance 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.
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 through its website: www.NASBARegistry.org.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
101 Ratings
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TP
Jan 11th, 2024
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!
JA
Jan 23rd, 2024
Really enjoyed learning something new from someone who clearly loves what she does!
EK
Mar 26th, 2024
Great info to know about as a self employed individual.
AS
Feb 3rd, 2024
this webinar is helpful in my tax practice.
JH
Jan 18th, 2024
Nice clear presentation. Very good teacher.
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