What is the best way to handle reporting wages in getting various health insurance as in the Obamacare or straight purchasing insurance? This varies month to month; can the best average be utilized? This is for a Single Owner Llc, so would I have to have stubs for them to requalify for either?
"Most self-employed taxpayers can deduct health insurance premiums, including age-based premiums for long-term care coverage. Write-offs are available whether or not you itemize, if you meet the requirements.
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.
Eligibility is determined month-by-month
You can only claim the health insurance premiums write-off for months when neither you nor your spouse were eligible to participate in an employer-subsidized health plan.
For example, if you were single and ineligible for any employer-provided health plan during the last six months of the year because you left your job and started your own business, you can claim the deduction for premiums you paid for coverage during that six-month period."
As far as calculating your cost for health insurance you should use the documents you have for each month to total your 12 months of premiums to report on your tax return. You would need your exact amount for the year.