Health insurance premium deduction??

Discussion in 'Business Operations' started by T.E., Mar 4, 2004.

  1. T.E.

    T.E. LawnSite Senior Member
    Posts: 799

    I have a question on health insurance premiums. I know that you can now deduct 100% of your premium if your self employed. What I have been told is that since I'm becoming an LLC I won't be able to deduct all of the premium. Is this correct or have I got some wrong info. Thanks Tony
     
  2. sodzilla

    sodzilla LawnSite Member
    Posts: 219

    My tax guy told it is 100% deductable. I'm an LLC. The way he explained it is the LLC is never taxed. You are taxed for being the owner.
     
  3. missytheaccountant

    missytheaccountant LawnSite Member
    from Bama
    Posts: 45

    You are right....the self employement health insurance deduction is no longer 70% tax deductible but now 100%. it comes off before your adjusted gross income is figured. Being an LLC will have no affect on the deductibility of your insurance.
     
  4. T.E.

    T.E. LawnSite Senior Member
    Posts: 799

    Thanks everyone for the info. Tony
     

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