Dr. Friday 0:00
Good day. I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12
Again for my entrepreneurs, remember that health insurance premiums for the self-employed are 100% deductible for your insurance premiums on an 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 Schedule A. They do not itemize it off of 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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