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Is Obamacare Tax Deductible for Self Employed

is Obamacare tax deductible for self employed

Is Obamacare tax deductible for self employed workers? This is a solid question with a myriad of correct answers, but it is the ones that affect you that will make the most sense in your case. For many self employed workers, insurance is an additional aspect that may or may not be viewed as a necessity of running a business. Under single proprietorships, it is possible to maintain a separate insurance policy for your work and your personal life, but then the questions arise as to why you should do this. The tax laws are written based on frugality and extravagance, so having too little of something can be an issue, as well as having too much of a good thing. Moderation in this case is the key phrases.

Is Obamacare Tax Deductible for Self Employed?

So, is Obamacare tax deductible for self employed workers? For most, the answer is yes. But it is deductible in the sense of the employer based tax filings, not the end user filing. So, even though you are both, when you file your business taxes, your costs are deductible. However, as the employee benefiting from the insurance, you cannot double dip and claim it again. You are not, as the employee able to deduct the cost of maintaining insurance for your employees. If that makes sense. Yes, you are both people, but from a tax stance, you are two. One, the employer and another, the employee. There are two tax filings, and each one you are a different person.

Self Employed Health Insurance Deduction Marketplace

For the self employed health insurance deduction marketplace rules, it remains the same. Yes, as a sole proprietor you can purchase employment insurance on the exchange, but with the understanding it will cost you more money and be a bit more regulated than getting private insurance for your business.

Self Employed Health Insurance Deduction Calculator

To determine this, use a self employed health insurance deduction calculator to determine your value as an employer. Yes, you are employing yourself, but keeping everything visible for the federal government when they audit your books is critical. One small slip or mis-filing, and you’re facing some serious issues.

Self Employed Health Insurance Deduction IRS

So, is Obamacare tax deductible for self employed workers worth it? This can only be answered if you do your research. Hire a book keeper or a tax attorney to assist if it’s a little too much. Your self employed health insurance deduction IRS forms are a bit complicated, and getting professional help will keep you out of trouble.

For more information please call ObamacareQuotes today at (800) 811-2640