Forum Daycare Management Software

Go Back Forum > Daycare and Taxes

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.

Thread Tools Display Modes
Old 02-03-2013, 01:02 PM
KarenLittlefield's Avatar
KarenLittlefield KarenLittlefield is offline Member
Join Date: Jan 2013
Location: California
Posts: 11
Default Health Insurance and Taxes

Does anyone know how it works to write off your health insurance expense? I have heard it is 100% deductible, but this would be the first year that we aren't covered by my husband's employer so I don't want to raise any red flags.
Reply With Quote
Old 02-03-2013, 02:24 PM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,033
Default Health insurance

If you are not eligible to receive health insurance through an employer, you can deduct 100% of your health insurance premiums on Form 1040. You can't deduct this as a business expense. See my article on deducting health insurance expenses:

Join me for a webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register:"][/url]
Reply With Quote
Old 02-18-2013, 08:58 PM
Posts: n/a
Default fitness gyms

Health Insurance
All exchange visitors are required to have health insurance for the duration of their training program. In order to ensure compliance with these regulations, Cultural Vistas includes health insurance coverage in our program package.

Participants who earn income from a U.S. source must pay federal, state, and local income taxes. State income tax rates vary (and some states do not have an income tax), but the federal income tax is indexed by the level of the wage. Participants should expect to pay about 25 percent of their gross salary in federal income taxes. The organization will automatically deduct federal and state income taxes from the paycheck. Participants do not pay Social Security and Medicare taxes (FICA) or Federal Unemployment tax (FUTA) because they are not eligible for these benefits.
Reply With Quote

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Help With Withholding Taxes For Employees? Unregistered Daycare and Taxes 1 01-24-2013 10:19 AM
Cleaning Services And Other Tax Questions Nickel Daycare and Taxes 6 07-09-2012 09:29 AM
Mortgage/Taxes, Vehicle Insurance My4SunshineGirlsNY Daycare Insurance 3 01-13-2011 11:12 AM
Babies 6 Weeks of Age? Unregistered Parents and Guardians Forum 80 06-12-2010 01:53 PM
Insurance and Tax info Unregistered Daycare Insurance 2 04-24-2010 06:19 PM

All times are GMT -7. The time now is 04:49 AM.         Find A Daycare         List Your Daycare         Toys & Products                 About Us
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming