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A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families. To claim this deduction, a qualifying
A self-employed taxpayer may be eligible to deduct amounts paid for medical insurance for themselves and for their families. To claim this deduction, a qualifying taxpayer should:
a)Claim a nonrefundable tax credit based on the cost of the insurance.
B)Deduct the cost as a business expense on Schedule
C) Include the cost as an adjustment to income on Schedule 1 (Form 1040), although certain limitations may apply.
D)Only deduct the amounts paid on Schedule A if they itemize their deductions.
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