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Consumer Reports


Freelancers can now deduct all of health plan premiums

http://www.jewishworldreview.com | (KRT) Good news this year for the self-employed. The amount you can deduct for paying health insurance premiums is going up for the 2003 tax year.

Rising health care costs and insurance premiums are hard on everyone. But they really put a dent in the budgets of freelancers and independent contractors who have to foot the entire bill for their health plans.


If you are self-employed, don't forget to take a tax deduction for your health insurance premiums. Like last year, the deduction is considered as an "adjustment to income." But this year, those who work but don't get health benefits may deduct the entire amount paid for premiums, not just the 70 percent allowed in 2002.


Other medical expenses not part of your monthly premium are still subject the 7.5 percent rule - they must exceed 7.5 percent of your adjusted gross income before they qualify as medical expense deductions.


For more information, see Publication 17 at http://www.irs.gov/.

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