• Thankful For Your Family…. Business?
    Landscaping businesses are often family endeavors. While this can combine the best of both worlds (personal and professional), it isn’t always smooth sailing. Click here to read more.

health ins premiums..tax write off?

GarPA

LawnSite Silver Member
Location
PA
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
 
OP
G

GarPA

LawnSite Silver Member
Location
PA
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!!
 

65hoss

LawnSite Fanatic
Location
Memphis, TN
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.
 

WAGS LandL

LawnSite Member
Location
York, PA
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.
 

GreenQuest Lawn

LawnSite Senior Member
Location
Muskegon, MI
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.
 
Top