Bob Jablonsky & Associates Blog

Realtors – Need a Tax Deduction? Don’t forget about Self-Employed Health Insurance!

by | Oct 7, 2022

Real Estate Agents, as well as Real Estate and Mortgage Brokers, and all other self-employed taxpayers, should utilized all legal deductions to minimize their tax liability.  If you are one of those, as you go through the planning and filing process, don’t forget to look at whether you qualify for the Health Insurance Deduction for the Self-Employed (SEHI).  

Self-Employed Taxpayers can deduction up to 100% of Health, Dental and Long-Term Care Insurance.  This includes the cost for the Self-Employed Taxpayer, Spouse, Dependents and Non-Dependent children under age 26.  To be eligible, neither the Taxpayer nor Spouse may qualify for an employer subsidized plan.  Eligibility is determined month by month.

If a schedule C filer, it will be reported on Part II of Schedule 1 and will flow to the Form 1040 as an Adjustment of Income.  For S-Corp greater than 2% shareholders, it’s a little trickier.  It must be reported as W-2 Income.  The S-Corp gets the deduction and the W-2 shareholder/employee reports the income.  At that point, the employee/shareholder can follow the steps as noted above.  A self employed personal can deduct up to Profit of the business. 

Have a high deductible plan? Then, don’t forget about setting up and using an HSA plan. This is another available but infrequently used tax deduction for taxpayers who qualify.

Want to learn more?  Watch my You Tube video on the topic https://youtu.be/LaVEQPjOX2M  

If you’re looking for professional help with your taxes, feel free to schedule 15 minutes on my calendar at https://jablonskyandassociates.com/contact

Bob Jablonsky is the founder of Bob Jablonsky & Associates. He has spent his career helping taxpayers resolve tax issues and get back on track with the IRS. In addition to tax resolution his firm also prepares hundreds of tax returns every year for both individuals and small to mid-sized businesses.

Bob is an IRS Enrolled Agent (EA), which is an elite credential issued by the Internal Revenue Service to professionals who demonstrate special competence in federal tax planning, individual and business tax return preparation, and representation matters. An Enrolled Agent license is the highest credential awarded by the IRS and is recognized across all 50 states. Additionally he is a CMA, or Certified Management Accountant, a designation for financial controllers and CFOs (Chief Financial Officers), as well as an Advanced Certified Quickbooks Pro Advisor.

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