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Health insurance premium deduction??

T.E.

LawnSite Senior Member
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

LawnSite Member
Location
Cheyenne, WY
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

LawnSite Member
Location
Bama
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.
 
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