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Wednesday, July 18, 2012
IRS chief counsel: Self-employed taxpayers can deduct Medicare premiums
The Internal Revenue Service's Office of Chief
Counsel on Friday explained that self-employed taxpayers can deduct Medicare
premiums in the same way they can deduct health insurance premiums. The letter
clarifies a little-noticed change in the IRS position on this. The 2010 Form
1040 instructions and Publication 535 started permitting self-employed
taxpayers to take the deduction, but at that time the IRS offered no guidance
on the change. The chief counsel's letter states that eligible taxpayers can go
back and deduct Medicare premiums for tax years that are still open. JournalofAccountancy.com (7/16)
To read the details click the link. Looking
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