Health Insurance Deduction
The Health Insurance Deduction for Self Employed needs to be taken care of
Do you fall in the category of the self-employed? If you have income from a company in which you are a share holder of more than 2%, then you too qualify. If either of these are the situations then make sure that you don’t miss the ‘above the line’ health insurance payment deductions. These are not your regular medical section deductions on your tax return. This is the section available on the front page that you need to fill out.
Following three reasons are what make the above the line deduction so important:
1. If you don’t qualify the itemizing deduction, even then you get your deductions.