HEALTH INSURANCE FOR SELF-EMPLOYED TAX REMINDER
As members gather their tax information for their filings, questions arise about the deduction for health insurance premiums. The allowable deduction of health insurance premiums paid by self-employed individuals is 100% of the premium. Note that the deduction does not apply to premiums that are paid either to an employer's health plan or to the health plan of the self-employed person's spouse. For more info, CONTACT: Linda Goold, 202/383-1083, lgoold@realtors.org (12-11-02)
Accounting Fees
Connected with Trade or Business
Organization of Business (Must Amortize)
Accounting System Installation
Advertising Expenses
Business Cards
Home Demonstrations
Promotional Activities
Attorney Fees Related to Business
Automobile Expenses (Business Percentage Only)
Business Use by Employee
Unreimbursed
Business use by Self-Employed Person
Cost of car (Must Depreciate)
Garage Rentals
Gas
Insurance
Interest Expense (except as an employee)
License Fees
Lease Cost (Limited)
Loss on Sale
Oil and Lubrication
Parking
Repairs
Tires
Washing
Business Conventions (Domestic)
Travel and Lodging Expenses
Business Expenses
Business Meals and Entertainment
Business Startup Expenses (Must Amortize)
Circulation Expenditures, Newspapers, Magazine Periodicals
Commissions
Sale of Real Estate
Computer Software
Leased Software
Purchased Software (Generally Must Amortize)
Billing
Chamber of Commerce
Professional and Realtor Associations
Education Expenses
Maintaining or Improving Required Skills
Employee Expenses and Payroll
Gifts (Business) Valued at $25 or Less
Health Insurance (Limited)
Insurance for Business
Internet/Website Fees (Business)
Listing Books
Local Transportation
Listing Fees
New Business, Cost of Start Up (Must Amortize)
Occupancy (Business) Expense
Depreciation
Rent
Utilities
Interest
Real Estate Taxes
Cleaning and Maintenance
Office Equipment and Furniture (Must Depreciate or Make Special Election – Section 179)
Office in Home (Limited)
Depreciation
Rent
Utilities
Interest
Real Estate Taxes
Cleaning and Maintenance
Office Supplies
Postage Costs
Real Estate License Fee
Rent, Business Property
Retirement Plans (Limited)
Subscriptions, Professional Journals
Telephone Service (Business)
Pager
Cell Phone
Updated 01/03/06 for the North Shore - Barrington Association of REALTORS® by Graff, Ballauer, Blanski & Friedman, PC, CPAs. All Rights Reserved.