If you are age 65 or older and self-employed, I have great news, you may be able to take a tax deduction for your Medicare Part A, B, C, and D premiums as well as the premiums that you pay for your Medicare Advantage or Medicare Supplemental coverage. This is a huge tax benefit for business owners age 65 and older because most individuals without businesses are not able to deduct their Medicare premiums, so they have to be paid with after-tax dollars. We will cover:
• Who qualifies for the Medicare premium tax deduction
• Deduction limitations
• Difference between the medical expense deduction and the Medicare premium deduction
• Tax reporting and documentation
• Amending your tax returns for missed deductions
Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
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#medicare #tax #businessowner #greenbushfinancial
6 авг 2024
