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lfc9090
New Member

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

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?

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MichaelL1
Level 15

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

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).

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1 Reply
MichaelL1
Level 15

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

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).

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