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| Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc. |
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#1
12-31-2010, 03:14 PM
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Question for Tom
I can't seem to find a definite answer to the following question: Can I deduct Medicare Part B and/or Part D premiums as a self-employed health care deduction? Also, what about Medicare Cost Plan premiums, e.g. HeathPartners Freedom Plan. Is this a "gray" area? Thanks for your answer, Jim
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#3
01-01-2011, 05:33 PM
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Medical deduction
A new tax law allows self-employed taxpayers, including family child care providers, to deduct health insurance premiums as a business expense. But, to claim this deduction you must not be eligible for any employer sponsored health care plan. Medicare is also excluded from this law, so it's not deductible - sorry!
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http://www.tomcopelandblog.com
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