The tax break provides health insurance for self-employed on the same land that employers who receive tax breaks to offer health insurance to employees for the first time.
Keith Hall of the National Association for the Self-employed (ETNA) said: "We still talk on and on access to health care, but the biggest problem for people of small business affordable. This is a 15.3 percent savings on the cost of insurance premiums "
USA Today provided some tips for self-employed :.
- health insurance premiums are included as a tax deduction above range, but the deductibles, coinsurance and out-of-pocket costs are considered as itemized deductions if they exceed 7.5 percent of gross income adjusted.
- insurance breaks self-employed tax are only available for individual policies and health insurance will not cover plans sponsored employees of a spouse.
- production of the paper return will take additional steps and will be more complicated than online filing.
- this is not a good idea to increase your coverage for 2011 because this deduction is only available for 2010.
It is estimated that the self-employed will save up to $ 456 to $ 968 in taxes for 2010. small business groups have lobbied Congress to make permanent the break, but it is unclear whether it will happen.
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