Whether you’re self employed or a small business owner, preparing your taxes can be a daunting task – scrambling to find every little deduction within “hidden” tax codes to make the most of your return. And with Health Reform underway, there are new laws in effect that may translate into a bigger refund check.
Here are five health insurance-related tax tips to consider before you file your taxes this year:
1. New this year! Take a one-time opportunity to reduce your self-employment taxes – In addition to the standard “˜above the line’ deduction described below, self-employed persons can also deduct the cost of their health insurance premiums from their self-employment taxes on Schedule SE.…Continue reading