topic Can I deduct expenses to continue my business and use healthcare premiums to offset self-employed income? in Deductions & credits

Can I deduct expenses to continue my business and use healthcare premiums to offset self-employed income?

lfc9090 — Wed, 05 Jun 2019 22:54:26 GMT

Am self-employed and, at age 62, decided to take my social security. Have self-employed income under the 2018 social security limit for this year and, will likely do additional self-employed work in future years within the IRS income limits. Can I continue to deduct expenses to maintain my business and use my healthcare premiums to offset income for the year?

Yes, you can continue your business and as long as you ha...

MichaelL1 — Wed, 05 Jun 2019 22:54:27 GMT

Yes, you can continue your business and as long as you have a profit health care premiums can be a deduction.

The deduction will appear on line 29 of the Form 1040 however and not as a deduction on the Sch C.

If you are self-employed, you may be eligible to deduct premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents. ... Unlike an itemized deduction, this deduction treatment is beneficial because it lowers your adjusted gross income (AGI).