Vanessa A
Expert Alumni

Self employed

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Was your handyman side work at all profitable?  Your Medicare premiums are deductible and if you paid for your insurance through the marketplace, they are also deductible as a self-employed health insurance expense. This is different than taking an itemized deduction and does not affect your standard deduction. This can lower your self employed taxable income down to $0.  It doesn't help with your SE tax, just your tax on your ordinary income. The Self-Employed Health Insurance deduction is limited to your earnings.  Meaning, you cannot deduct more than you earned. This is also entered in the business expense section. 

 

 

 

Taking Business Expense Deductions

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