My Business To Do, Inc.

How can I check to see if I'm deducting my benefits?

Health Insurance Premiums for self-employed is usually found in Schedule 1 of the 2018 Federal Form 1040, as "Self-employed health insurance deduction" in Adjusted Gross Income

See Example of Form 1040 Schedule 1 Here

Uninsured Medical Expenses are difficult to deduct, but are entered on Schedule A of Form 1040, in the "Medical and Dental Expenses" section.  Medical expenses are subject to a reduction formula and, under the Tax Cuts and Jobs Act of 2017, have become even more difficult to deduct with the increase in the Standard Itemized Deduction

See Example of Schedule A here

The other location that a self-employed business owner can deduct medical insurance premiums and uninsured medical expenses is in Schedule C of Form 1040, Business Income or (Loss).  It will be deducted as "employee benefit programs (other than on line 19).  If your deductions are here, this is the ideal deduction for benefits.  However, make sure that you truly qualify and have the proper documentation and processes in place.  SOLO105is here to not only help business owners properly implement this program, but we also offer several options to make the ongoing process easier!

See Example of Schedule C here


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