If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed.
The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under age 27 at the end of 2012, even if the child was not your dependent.
You may be able to take this deduction if one of the following applies to you:
For more information, see Publication 535, Business Expenses. It's available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
As you complete the federal interview, TaxACT will complete the appropriate schedule to deduct your health insurance premiums. For more information about how to enter your deduction information in TaxACT, review this FAQ.
Additional IRS Resources:
December 10 (Employees who work for tips)
If you received $20 or more in tips during November, report them to your employer - Details
December 15 (Corporations)
Deposit the fourth installment of estimated income tax for 2014 - Details
December 25 (Everyone)
Federal Holiday (Christmas Day) - Details