Posts Tagged - ‘tax breaks’

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Self-Employed Health Insurance Plans To See Tax Breaks

Wednesday, October 13th, 2010

Image: shimelle under CC 3.0

Unlike employees with corporate-sponsored health insurance, the self-employed have had to take charge of their own health care. In most cases, they must pay for their health insurance plans out of pocket.

This year, a provision in the Small Business Jobs and Credit Act will allow self-employed S-corp, single member LLC, or sole proprietorship business owners to deduct the cost of health insurance premiums from their tax returns. Like other corporations, they can deduct health care as a business expense for their 2010 tax returns.

This is especially helpful since sole proprietors have to pay both the employer and employee portions of payroll taxes.

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