Tax Deduction for Health Insurance During Shut Down

[XJ035]

We have been shut down since the mid-March shelter in place orders. We are now permitted to be open, but have remained closed. We intend to reopen, but not until either the new virus infection-case rate declines markedly or a viable vaccine is available. My wife runs the daycare, and I help out somewhat. Due to my age (73) I'm in a high risk age group and we don't feel the risk is justified.
So my question is what part of the health insurance will be tax deductible?

Thank you,
Jim

[TomCopeland]

Originally Posted by XJ035

We have been shut down since the mid-March shelter in place orders. We are now permitted to be open, but have remained closed. We intend to reopen, but not until either the new virus infection-case rate declines markedly or a viable vaccine is available. My wife runs the daycare, and I help out somewhat. Due to my age (73) I'm in a high risk age group and we don't feel the risk is justified.
So my question is what part of the health insurance will be tax deductible?

Thank you,
Jim

You can't deduct health insurance as a business expense unless you have set up a Health Reimbursement Account (HRA). You may be able to deduct some of these expenses if you itemize your taxes. See my article: http://tomcopelandblog.com/how-can-y...dical-expenses