Yesterday afternoon, President Obama signed into law new legislation that will allow you, as a self-employed individual filing Schedule C on your tax return, to deduct your health insurance premiums as a business expense for tax purposes.
For decades, self-employed people have been fighting to have health insurance costs deductible the same way that corporations do. Now we do.
Here's where it gets really exciting: Not only does this reduce your taxable business income, but it will also reduce your self-employment tax. While you did get a small benefit, it certainly is not as great as this!
Not too often am I able to write you with good news on the tax front. Everyone here atAccountability Services is doing cartwheels for you!
Take a bow! You spoke up and someone in Washington was finally listening!!