I am self-employed: Can I deduct my health insurance expenses?

A self-employed individual is able to deduct his health insurance premiums from his income and the contributions to the HSA savings account. There are some qualifications, however:

  1. You must not be eligible to participate in an employer’s subsidized health plan for you or your spouse.
  2. The deduction cannot exceed the amount of net income of your business. Any deductions that you take are “above the line” meaning that you can take the deduction even if you don’t itemize.

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