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As owner of a single member LLC can I claim my medical insurance payments as a business expense?
I read this article: https://turbotax.intuit.com/tax-tips/home-ownership/deducting-health-insurance-premiums-if-youre-sel...
I am leaving my W2 job to startup my own business. I understand I have 3 options for medical insurance:
- COBRA through my existing employer
- go on my spouse's health plan (spouse has W2 job with another company)
- purchase my own insurance. How? Is this what Obamacare is (pardon my ignorance)?
Also which of these options are eligible for being claimed as a business expense or other type of deduction on my tax return?
The linked article says:
- You can't claim the health insurance premium write-off for months when either you or your spouse were eligible to participate in an employer-subsidized health plan.
So does that mean even if I were to choose Option 3, I would still not be able to deduct my medical insurance expenses on my tax return?
Thanks!
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‎November 8, 2024
9:49 AM