Health Care Tax Credit

Small businesses and tax-exempt organizations may be eligible for a valuable tax credit. The details can be found here.

In order to take the deduction on line 29 of Form 1040, you must be one of the following:

• A self-employed individual with a net profit reported on Schedule C, Schedule C-EZ or Schedule F.

• A partner with net earnings from self-employment reported on Schedule K-1 (Form 1065)

• A shareholder owning more than 2 percent of the outstanding stock of an S corporation with wages from the corporation reported on Form W-2.

The insurance must be established under your business.

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