Plus... It's Deductible
If you are self-employed, you may qualify to deduct up to 100% of the premiums you pay to provide health insurance for yourself and your family. The deduction is available for medical, dental, or long-term care insurance premiums.
You can potentially qualify for the deduction if you are a sole proprietor, a general partner, a limited partner receiving guaranteed payments, or a more-than-2% S corporation shareholder receiving wages from the corporation. The health insurance plan must be established under your business. However, IRS rules do allow sole proprietors, partners, and 2% shareholders to purchase the policy in either their own or the business’s name. (Additional requirements apply.) The deduction cannot be greater than the earned income you receive from the trade or business for which the health plan was established.
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