2007-01-24 02:32:33 · 5 answers · asked by MIGUEL F 1 in Business & Finance ➔ Insurance
Yes.
2007-01-24 02:36:58 · answer #1 · answered by Nusha 5 · 0⤊ 1⤋
A schedule C is for business owners to claim expenses of doing business. If you are a business owner, then you can claim the premiums that you pay for health insurance coverage for yourself, as well as any employees, if you have any.
Currently (for the 2006 tax year), you cannot deduct the premiums for health insurance on if you are not self-employed. The President has spoken about giving individuals the right to do this, but it is not a law that you can take advantage of at this time.
2007-01-24 12:10:10 · answer #2 · answered by Insurance Biz CT 5 · 0⤊ 1⤋
No, because a Schedule C is an attachment to your personal income tax return. If you are itemizing your deductions rather than taking the standard deduction, that is where your medical expenses will come into play.
2007-01-24 10:45:46 · answer #3 · answered by Eric W 1 · 0⤊ 1⤋
You can not deduct your health insurance premiums or your pension contributions on schedule C. If you pay these for employees you would take that expense on schedule C.
You would put 100% of your health insurance premiums, pension contribution and one-half of your self employment tax on page one of your 1040 as adjustments to income. This makes these items 100% deductible because they are subtracted from your gross income to arrive at adjusted gross income on page one
2007-01-24 12:14:22 · answer #4 · answered by waggy_33 6 · 0⤊ 0⤋
If you're the sole contributor - as in, if your employer doesn't pick up a dime of the tab.
2007-01-24 13:38:17 · answer #5 · answered by zippythejessi 7 · 0⤊ 0⤋