Can I deduct my health care costs?

Posted by roundpeg

October 15, 2007

Health care premiums can be deducted as ordinary and necessary expenses of a business – as employee benefits. To qualify, the health insurance must be in the name of the company. To deduct other health care costs, small employers (especially sole owner/operators) may want to establish a Section 105 plan. With a 105 plan, an employer can deduct 100% of employee/owner health care cost, including co-pays and deductibles.

Answer provided by: Len Titone – Next Level Financial Management

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