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All medical expenses are entered on Schedule A as an itemized deduction.
Deducting health insurance premiums
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.
- This health insurance write-off is entered on Part II of Schedule 1 as an adjustment to income and transferred to page 1 of Form 1040, which means you benefit whether or not you itemize your deductions.
- Unlike an itemized deduction, this deduction treatment is beneficial because it lowers your adjusted gross income (AGI).
- Having lower AGI can reduce the odds that you’ll be affected by unfavorable phase-out rules that can cut back or eliminate various tax breaks.
Yes, when you are going through your business return, you can enter your additional medical expenses - like dental
provided they meet the requirements.
If you file Sch C, About Schedule C (Form 1040), Profit or Loss from Business IRS. Line 14 is for these benefits.
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