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Can I Deduct Medical Insurance For My Self And Family From My Small Business That I Started Last Year?
Friday, November 13, 2009, 18:50
This news item was posted in Medical Information category and has 2 Comments so far.
I am incorprated as a LLC. My wife is employed part time and does not recieve health care benefits.
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2 Responses to “Can I Deduct Medical Insurance For My Self And Family From My Small Business That I Started Last Year?”
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Audrey A said on Friday, November 13, 2009, 19:57
No you can’t. Its important to separate personal expenses from business expenses. You can deduct the medical expenses on your personal income return.
taxreff said on Friday, November 13, 2009, 20:14
The business cannot deduct the insurance. However, if you meet the requirements you can claim the self-employed health insurance deduction on your 1040.
Your question contains confusing terminology in regards to “incorporated as an LLC.” The method of claiming the deduction and the requirements vary with the type of business entity you have.