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dental/health insurance

Discussion in 'Business Operations' started by turfcat75, Feb 9, 2001.

  1. turfcat75

    turfcat75 LawnSite Member
    Messages: 51

    Anyone know if there are discounts for health/dental insurance for small buisness's,and is it possible to write off this insurance?how about writing off dental and medical bills is that possible
  2. Stonehenge

    Stonehenge LawnSite Bronze Member
    from Midwest
    Messages: 1,276

    Medical insurance (offered by the company) is an expense, like software, rent, etc. So sure, you get credit for that.

    As for personal medical bills, you'd probably have a hard time justifying that.

    One caveat - I AM NOT A CPA. You should check with yours.

    As for discounts, check with your local landscape orgs, they might offer something. There are also many small-group ins cos that offer very reasonable rates (from $50/mo).

    Good luck

  3. zimm4

    zimm4 LawnSite Member
    Messages: 106

    Just remember one important point about health insurance.
    When you pay A low price monthly. Two things can happen.
    The price will keep going up. The coverage will be limited.
    Be careful when getting too good of A deal to start with.

  4. Premo Services

    Premo Services LawnSite Bronze Member
    Messages: 1,516

    I was looking for health/dental/eyeglass ins. and there was a post on it here and someone talked about The National Association for the Self Employed. Their web site is http://www.nase.com. I emailed them and have spoken to a representive in my area and the rates are much lower than I have found yet.They base their insurance on a the whole group of members to get good rates. He also talked about taking the insurance off my taxes. I am going to call him and set up a meeting to discuss this further with him. You might want to give this a try.
  5. LoneStarLawn

    LoneStarLawn LawnSite Bronze Member
    Messages: 1,415

    Self-employed individuals who have purchased their own healh insurance becomes a deduction at tax time.
  6. Rex Mann

    Rex Mann LawnSite Senior Member
    Messages: 621

    Currently you can only deduct 50% of your medical premiums if you are self employed. However, a Federal bill is being considered, that would raise it to 100%. And, it would be retroactive from Jan. 1, 2001.

  7. morturf

    morturf LawnSite Senior Member
    from midwest
    Messages: 476

    I got this info from the IRS site. It will clearify the misinfo here.


    Hope it helps all of you.

    Health Insurance Deduction for the Self-Employed
    You can deduct 60% of the amount paid during 2000 for medical insurance and qualified long-term care insurance for yourself and your family if you are one of the following.

    A self-employed individual.
    A general partner (or a limited partner receiving guaranteed payments) in a partnership.
    A shareholder owning more than 2% of the outstanding stock of an S corporation.
    You are allowed this deduction whether you paid the premiums yourself or your partnership or S corporation paid them and you included the premium amounts in your gross income. Take this deduction on line 28 of Form 1040.
    Deductible percentage increases after 2001. For tax years beginning after 2001, the deductible percentage of your health insurance premiums gradually increases. The increases are shown in the following table. For Tax Years Beginning in: Deductible Percentage
    2000 and 2001 60%
    2002 70%
    After 2002 100%

  8. Stonehenge

    Stonehenge LawnSite Bronze Member
    from Midwest
    Messages: 1,276

    We should get some clarification from turfcat -

    Are you talking about a self-employed person buying health insurance for themselves with personal funds, or are you talking about the president of a s or c corp offering benefits to a certain class of employees (like officers only)?

    That may change what the right answer is for you.
  9. PAPlow

    PAPlow LawnSite Member
    Messages: 29

    Rex Mann,

    I believe the current deduction is at 60% right now. The 100% deduction takes place year 2003...not sure.
  10. mybabyciv

    mybabyciv LawnSite Member
    Messages: 28

    Insurance Sux!!!!

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