Did you know...
because you're self-employed, your health and dental plan could essentially pay for itself.
If you're self-employed or are an employee of your own business, health and dental premiums may be a non-taxable benefit and a tax deductible expense. For others, the premiums may qualify as a medical expense that create a tax credit.
Here's how:
Health and Dental Plan Annual Premium: |
$1050 |
Tax deduction assuming 40% marginal rate |
-$420 |
Total Net Cost |
$630 |
Saved Annual Expenses (paid through health & dental plan) |
|
Prescription Drug costs |
-$180 |
Dental costs |
-$200 |
Contact lenses |
-$100 |
Chiropractor/Registered Massage Therapist |
-$150 |
Total Expenses |
-$630 |
Your Cost |
$0 |
The above is for illustrative purposes only and is not meant to be representative of every situation. You should seek the advice of a professional to determine your eligibility for tax deductions.
Find more information on how to make your Health Care expenses deductible.
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