How to Deduct Medicare as a Business Expense?

If you operate as a proprietorship, a partnership, an S corporation, or a C corporation, you’re undoubtedly aware of an unpleasant fact…

Premiums for Medicare health insurance can add up to a lot of money.

This is especially true if you earn a high income, you’re married, and both you and your spouse are paying premiums.

But hang on for a second. If you know how to play the game (and we do!), those Medicare premiums can potentially lower your tax bill!

By how much? It all depends on where you deduct the premiums.

We’ll tell you the best, second best, and third best way to save money when you read my new article titled Tax Tips: How to Deduct Medicare as a Business Expense?

Three ways our fact-filled article can help you:

1. The best way to save money. You get the biggest dollar benefit from your Medicare and supplemental insurance premiums when you can deduct them as a pure business deduction. There are four ways to make this happen as you’ll learn when you read the full article.
2. The second-best way to save money. If you’re self-employed as a sole proprietor, LLC member (treated as a sole proprietor for tax purposes), partner, LLC member (treated as a partner for tax purposes), or S-corporation shareholder-employee, here’s some good news. You may be able to claim an above-the-line deduction for your health insurance premiums including Medicare premiums. You’ll get the whole story when you read the full article.
3. The third-best way to save money. As a business owner who falls into the self-employed health-insurance deduction category, you could have your Medicare premiums end up as itemized deductions if two conditions are met. We’ll tell you what they are when you read the full article.