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Medical Insurance Deductable?

Discussion in 'Lawn Mowing' started by GrassRoots Lawn Care, Jun 18, 2000.

  1. GrassRoots Lawn Care

    GrassRoots Lawn Care Guest
    Messages: 0

    Is medical insurance considered a deductable under your personal tax filing or can it be claimed as a business expense? My brother and I own the corporation and provide our own medical insurance at a cost of over $7000 a year. How do you guys handle this?<p>----------<br>Mike Reynolds,<br>GrassRoots Lawn Care, Florida
     
  2. GrassRoots Lawn Care

    GrassRoots Lawn Care Guest
    Messages: 0

    I have sinced looked on the IRS website and found my answer. Thought I would post it for those interested.<p>&quot;Deductible Premiums<br>You can generally deduct premiums you pay for the following kinds of insurance related to your trade or business. <p>Fire, theft, flood, or similar insurance. <br>Credit insurance on losses from unpaid debts. <br>Group hospitalization and medical insurance for employees, including long-term care insurance. <br>If a partnership pays accident and health insurance premiums for its partners, it can deduct them as guaranteed payments made to the partners. <br>If an S corporation pays accident and health insurance premiums for its shareholder-employees, it can deduct the premiums. &quot;<p><p>----------<br>Mike Reynolds,<br>GrassRoots Lawn Care, Florida
     

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