Self Employed can deduct Medicare premiums as health insurance deduction

Posted by Andy
The IRS has clarified that it will allow self employed taxpayers to deduct their payments to the SSA for medicare premiums once they are enrolled in medicare.  In the past the IRS had disallowed this deduction, but it has now reversed that decision, ruling that Medicare is a government insurance program that is eligible for the deduction.  This will primarily benefit those over 65 who have income on a schedule C from self employment, though the article does explain how a S Corp shareholder could gain the deduction if they are willing to jump through all the right hoops.

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