Health Insurance

[bshelli]

I have two options of either paying for my own insurance at a higher premium but with a tax deduction or getting on a partner's (not a spouse so I don't have to be on it) insurance plan with a lower premium but no deduction. I calculated the deduction I get buying my own to reduce the price to almost equivalent to the other plan. Is there any reason to choose one over the other assuming they are exactly the same plans?

[conniem123]

No, since the plans are the same and the financial results would be the same, you may choose which meets your insurance needs the best.

Like you say, the health insurance premiums would be deductible on your Schedule C if you pay for your own insurance.

A great resource for you.

https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center

Hope you find this information helpful!