My accountant left me a message yesterday asking what my total health ins premiums were for '03. Have not called him back yet but he seems to be inferring that I can write off this as an 'expense'. Duh...I've never included this premium as a write off item...is this a write off I can take?

this year we're getting the ins from my wifes employer as the rates are better than what I can get thru the business

100% of it Gary.

You betcha! I've owned my own business for over 7 years now and have taken it off every year. It is a HUGE deduction for me.

thanks guys....man I just thought that this was a personal expense that we all just have to absorb...now this is a pleasant surprise...hey Rod....can you say Cha-Ching!!

For 2002 it was a 70% writeoff. For 2003 and after it is a 100% writeoff.

If you didn't do this in the past you may want to talk with the accountant about possibly re-filing the previous returns. It could make some $$ differences. Happens all the time.

Gary,
The tax law changed in 04 and you can deduct 100% of your
premium payments. As long as you paid for them from your
business. In other words if the benefits come from your wife's
employer, the premium is not deductible.

Yes you can take it as a deduction....100% is correct. I will come off to figure your adjusted gross income.

The other thing I found out is if the total of all medical (prescription co pay, doctor copay, eyeglasses,contacts, dental, ect ect, other than your insurance premiums, if they account for 7.5% of your yearly income that is a deduction as well.

My dad first informed me of this one, then I heard it on the radio as well. I did not have that last year but with the baby bills this year I surely will.

We have started saving recipts, and I will get reprints next time I go to the doc, the dentist, just in case I am missing any.

You can also deduct mileage for trips to and from the doctor....this year is it 12 cents per mile

Also if you have life insurance its also deductible.

I am just reading this and I can't believe it, total write off now. I thought it was only 70%

It is not a write off if you have insurance through your wife's group plan at her job. It is a write off if you paid all of the premium on an individual plan. And as of this tax year it is 100% write off.

So maybe your premiums are lower through your wife but the tax breaks may be better for you if you get an individual plan of you own.