Health insurance premium deduction??

[T.E.]

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

 

[sodzilla]

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.

 

[missytheaccountant]

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.

 

[T.E.]

Thanks everyone for the info. Tony