Hi there, I have a question that I haven't been able to answer through my own research.
I understand self-employed individuals may deduct health insurance premiums for themselves, spouses, and dependents for income tax (I believe this income is still subject to the 15.3% self-employed tax, correct?). However, W2 employees can only deduct health insurance if it exceeds 7.5% of income.
I currently work full time under my employer, but also run a side business as a sole proprietor building websites and doing basic IT work.
Am I able to deduct my wife and I's health insurance from specifically the self-employed income? Or, because my business is a sole proprietorship, do I add the incomes together and the "exceeds 7.5% of income" rule applies?
Thanks in advance for your help!
