My husband and I are both retired. He receives a pension and we both receive social security monthly. We also are both self-employed and both show a profit.
Yes. Here's how to report that business expense:
Next, take these steps to report the insurance premiums:
As a self-employed person, you're allowed to deduct premiums up to the amount of your net business income; the premiums will appear on Line 29 of your Form 1040. Any payments that exceed your net business income will flow over to Schedule A as a personal medical expense. We'll automatically handle the line items and calculations for you.
Yes. Here's how to report that business expense:
Next, take these steps to report the insurance premiums:
As a self-employed person, you're allowed to deduct premiums up to the amount of your net business income; the premiums will appear on Line 29 of your Form 1040. Any payments that exceed your net business income will flow over to Schedule A as a personal medical expense. We'll automatically handle the line items and calculations for you.