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Calling All You Self Employed Savvy People

 
Pangn
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User ID: 1526962
United States
10/04/2011 12:35 AM

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Calling All You Self Employed Savvy People
Alrighty here's the deal. My hubs owns his own distribution route and we're trying to figure out insurance.

I have Googled this 100000 times and can't find a solid answer

If you're self employed, can you write heath insurance premiums off for you and your spouse? Or does that only apply to the self employed that employ at least one other person?

Also

If you begin investing in an IRA, does the entire amount you deposit get written off? (not doing this now btw, I invest in SILVER seal )

Thx GLP
Anonymous Coward
User ID: 1513813
United States
10/04/2011 12:41 AM
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Re: Calling All You Self Employed Savvy People
Alrighty here's the deal. My hubs owns his own distribution route and we're trying to figure out insurance.

I have Googled this 100000 times and can't find a solid answer

If you're self employed, can you write heath insurance premiums off for you and your spouse? Or does that only apply to the self employed that employ at least one other person?

Also

If you begin investing in an IRA, does the entire amount you deposit get written off? (not doing this now btw, I invest in SILVER seal )

Thx GLP
 Quoting: Pangn


alien03
Anonymous Coward
User ID: 668442
United States
10/04/2011 12:47 AM
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Re: Calling All You Self Employed Savvy People
IRA Question: If you use a SIMPLE IRA your wages are reduced for federal tax purposes but not for Social Security and Medicare. Any contributions that you make are non taxable but are taxable for income when you withdraw them, The ROTH's and traditional work the other way around---look on the 1040 form for how they get treated in the adjusted income (as opposed to the gross). I am not sure if you can deduct them. You will have to look.

Health insurance question. If you provide group health insurance for all employees then that amount is a deductible expense and may also fall under the guidelines for the health car tax credit-although premiums family members working for the corporation have to be taken out of the averaging equation. Health insurance for the self employed is also an allowed deduction.

See here: [link to taxes.about.com]

Funny you couldn't find the answer.
Try the search I did-----plus the IRS website has answers as well.

[link to www.google.com]
Pangn (OP)

User ID: 1526962
United States
10/04/2011 01:01 AM

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Re: Calling All You Self Employed Savvy People
IRA Question: If you use a SIMPLE IRA your wages are reduced for federal tax purposes but not for Social Security and Medicare. Any contributions that you make are non taxable but are taxable for income when you withdraw them, The ROTH's and traditional work the other way around---look on the 1040 form for how they get treated in the adjusted income (as opposed to the gross). I am not sure if you can deduct them. You will have to look.

Health insurance question. If you provide group health insurance for all employees then that amount is a deductible expense and may also fall under the guidelines for the health car tax credit-although premiums family members working for the corporation have to be taken out of the averaging equation. Health insurance for the self employed is also an allowed deduction.

See here: [link to taxes.about.com]

Funny you couldn't find the answer.
Try the search I did-----plus the IRS website has answers as well.

[link to www.google.com]
 Quoting: Anonymous Coward 668442


Honestly though, my question still isn't answered

I don't "work for the company", but I would be carried on my husbands policy.. so would we just deduct his portion and that's it? Or could we even do that, since just about EVERY policy I check says "there must be at least one additional employee before you can write off health insurance".. it's just him classified as working. We aren't a corporation at all.. just a small business. That's why I'm confused.

I read one guideline that says the self employed can carry self employed insurance and write it off, but then I go to just about every health insurance companys website and I can't take out a policy in VA for just one worker.

You did a good job explaining the IRA though, thanks a bunch. I'm new to all this adult business and I'm just trying to figure it all out.
Anonymous Coward
User ID: 694929
United States
10/04/2011 10:02 AM
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Re: Calling All You Self Employed Savvy People
Before you start trying to cheat the government out of their money, use the internet to go to their website. There is a section called FAQ and for more in depth questions an employee will be glad to help you in the contact us section.
Pangn (OP)

User ID: 1526962
United States
10/04/2011 10:42 AM

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Re: Calling All You Self Employed Savvy People
Before you start trying to cheat the government out of their money, use the internet to go to their website. There is a section called FAQ and for more in depth questions an employee will be glad to help you in the contact us section.
 Quoting: Anonymous Coward 694929


Cheat the government out of THEIR money? Last I checked self employed pay pretty steep taxes there compadre

All I'm trying to do is figure out what I can leagally write off and what I can't. There isn't any cheating about that.

I sent them an email 2 weeks ago and haven't heard back. So I'm just trying to get some opinions..
htp
User ID: 977661
United States
10/04/2011 10:56 AM
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Re: Calling All You Self Employed Savvy People
[link to www.irs.gov]

"Self-employed health insurance deduction. You may be able to deduct the amount you paid for medical and dental insurance and qualified long-term care insurance for you and your family.

How to figure the deduction. Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. However, if any of the following apply, you must use the worksheet in chapter 6 of Publication 535.

*

You have more than one source of income subject to self-employment tax.
*

You file Form 2555 or Form 2555-EZ (relating to foreign earned income).
*

You are using amounts paid for qualified long-term care insurance to figure the deduction."

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