Some May Qualify for Health Care Deduction
A change in the 1994 tax laws allows some business people to deduct their health insurance premiums from their taxable income, reports Richard Morrisset, a Camarillo lawyer and certified public accountant.
“You can take advantage of the new rule only if your spouse is working for you,” he says. “Your company pays for your spouse’s health coverage as an employee benefit. Then your spouse puts you on the policy as a dependent. And you deduct the entire cost as a business expense.”
It’s perfectly legal, Morrisset insists.
He and his wife, Linda, who’s also a CPA, will give an overview of current tax laws on Thursday, Jan. 19, at the Small Business Administration office in Ventura. Their appearance is sponsored by the Service Corps of Retired Executives (SCORE), the SBA and other groups.
For information, call (805) 484-4115.