HEALTH INSURANCE FOR SELF-EMPLOYED TAX REMINDER
As members gather their tax information for their filings, questions arise about the deduction for health insurance premiums. The allowable deduction of health insurance premiums paid by self-employed individuals is 100% of the premium. Note that the deduction does not apply to premiums that are paid either to an employer's health plan or to the health plan of the self-employed person's spouse. For more info, CONTACT: Linda Goold, 202/383-1083, lgoold@realtors.org (12-11-02)
- Accounting Fees
- Connected with Trade or Business
- Organization of Business (Must Amortize)
- Accounting System Installation
- Advertising Expenses
- Business Cards
- Home Demonstrations
- Promotional Activities
- Attorney Fees Related to Business
- Automobile Expenses (Business Percentage Only)
- Business Use by Employee
Unreimbursed
- Business use by Self-Employed Person
- Cost of car (Must Depreciate)
- Garage Rentals
- Gas
- Insurance
- Interest Expense (except as an employee)
- License Fees
- Lease Cost (Limited)
- Loss on Sale
- Oil and Lubrication
- Parking
- Repairs
- Tires
- Washing
- Business Conventions (Domestic)
- Travel and Lodging Expenses
- Business Expenses
- Business Meals and Entertainment
- Business Startup Expenses (Must Amortize)
- Circulation Expenditures, Newspapers, Magazine Periodicals
- Commissions
- Sale of Real Estate
- Computer Software
- Leased Software
- Purchased Software (Generally Must Amortize)
- Billing
- Chamber of Commerce
- Professional and Realtor Associations
- Education Expenses
- Maintaining or Improving Required Skills
- Employee Expenses and Payroll
- Gifts (Business) Valued at $25 or Less
- Health Insurance (Limited)
- Insurance for Business
- Internet/Website Fees (Business)
- Listing Books
- Local Transportation
- Listing Fees
- New Business, Cost of Start Up (Must Amortize)
- Occupancy (Business) Expense
- Depreciation
- Rent
- Utilities
- Interest
- Real Estate Taxes
- Cleaning and Maintenance
- Office Equipment and Furniture (Must Depreciate or Make Special Election – Section 179)
- Office in Home (Limited)
- Depreciation
- Rent
- Utilities
- Interest
- Real Estate Taxes
- Cleaning and Maintenance
- Office Supplies
- Postage Costs
- Real Estate License Fee
- Rent, Business Property
- Retirement Plans (Limited)
- Subscriptions, Professional Journals
- Telephone Service (Business)
- Pager
- Cell Phone
Updated 01/03/06 for the North Shore - Barrington Association of REALTORS® by Graff, Ballauer, Blanski & Friedman, PC, CPAs. All Rights Reserved.
