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Terrance Said:

Why are insurance premiums tax deductible for businesses but not for individuals?

We Answered:

Ah, the glory of a corporation. Corporations pay tax on their NET income, that is, income before ALL expenses. So not only are insurance premiums deductible, but plane tickets are, too. Oh, and office supplies.

Individuals pay tax on their GROSS income.

That's why really, really wealthy people don't really OWN anything themselves - they own CORPORATIONS that own the stuff that they use - their houses, cars, vacation homes, planes, jewelry, etc. They're SMART, and know how to use the tax laws to their advantage.

Sylvia Said:

I have Aetna health insurance through my employer. Are my insurance premiums that I pay tax deductible?

We Answered:

what you pay for can be included in your medical deductions when you itemize
of course, the medical expenses are limited to the excess of 7.5% of your AGI

Ella Said:

If I buy health insurance for myself, are premiums tax deductible?

We Answered:

For the individual taxpayer employee to be able to deduct your medical insurance premiums that you pay with your after income tax funds and they not reimbursed to you you will have to use the schedule A itemized deductions of the 1040 tax form for this purpose.
All of your unreimbursed medical insurance premiums are included along with all of your other medical insurance premiums and unreimbursed medical expenses on the schedule A itemized deductions of the 1040 tax form. The total medical expenses would be subject to the 7.5% of adjusted gross income limit before any of the medical expenses could be used. The amount over the limit would then be included with all of your other itemized deduction on the schedule A of the 1040 tax form.
For more information go to www.irs.gov and use the search box for publication 502

http://www.irs.gov/publications/p502/ind…

Hope that you find the above enclosed information useful for your situation and good luck to you.

Sylvia Said:

Are my insurance premiums for my health care insurance tax deductible?

We Answered:

They are deductible only if you pay them with "after-tax" dollars. If they are paid with "pre-tax" dollars (i.e., your employer deducts the premiums before taking out your federal witholding tax), they are NOT deductible.