Self-employed persons can now deduct 100% of your health insurance premiums!!
 

Rejoice! A tax law change that doesn't actually cost more!

I did my personal taxes today and was rather pleased to be able to deduct 100% of my premiums instead of 70% in previous years. That was a fat $5000+ deduction!


If you are self-employed and paying your own health insurance premiums, you can now deduct up to 100% these expenses.

Two great things about this deduction, effective starting in 2003:

You subtract this deduction from your total income, not from your Adjusted Gross Income (AGI). So the cost of 100% of your health insurance premiums will come right off the top of your income, reducing your taxes even more.
You can take the deduction even if you don't itemize your deductions or qualify for the itemized medical deduction.

yeah, you gotta love that. My tax advisor mentioned that when I filed this year. Really gives you an incentive to take out that policy especially since insurance is something that everyone needs.