Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:12
Again, for my entrepreneurs, remember health insurance premiums for the self-employed are 100% deductible for your insurance premiums on and above the line deduction. Meaning guys, it’s going to reduce your income. I have reviewed many schedule C’s and I have found that a lot of people think that they have to put that on a Schedule A they do not itemize it off of the Schedule C. It will not reduce your self-employment tax but it does reduce your ordinary income tax. Also, think about health savings accounts because those accounts actually reduce your income and you’re spending money that is not taxed yet. If you need help, give me a call.
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