IRS Says the Self-Employed and Can Deduct Medicare Premiums. : Victoria Majors Jones, CPA - Blog
Businessman
Buildings
homeservicescontact uslinksblog

IRS Says the Self-Employed and Can Deduct Medicare Premiums.

by Victoria Majors Jones, CPA on 07/17/12

The Internal Revenue Service's Office of Chief Counsel on Friday said that self-employed taxpayers can deduct Medicare premiums in the same way they can deduct health insurance premiums. The letter clarifies a little-noticed change in the IRS position on this. The 2010 Form 1040 instructions and Publication 535 started permitting self-employed taxpayers to take the deduction, but at that time the IRS offered no guidance on the change. The chief counsel's letter states that eligible taxpayers can go back and deduct Medicare premiums for tax years that are still open.  (Source Journal Of Accountancy-July, 2012)

Comments (0)


Leave a comment


AICPA Logo
CALCPA Logo
Victoria Majors Jones, CPA Logo
Contact Us
Sign Up For Our Newsletter Today!