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Tax Deductibility Example for Health & Dental Plan

 

Did you know...
because you're self-employed, your health and dental plan could essentially pay for itself.

 

If you're self-employed or are an employee of your own business, health and dental premiums may be a non-taxable benefit and a tax deductible expense. For others, the premiums may qualify as a medical expense and create a tax credit.

 

Here's how:

Health and Dental Plan Annual Premium:

$1050

Tax deduction assuming 40% marginal rate

-$420

Total Net Cost

$630

Saved Annual Expenses (paid through health & dental plan)

Prescription Drug costs

-$180

Dental costs

-$200

Contact lenses

-$100

Chiropractor/Registered Massage Therapist

-$150

Total Expenses

-$630

Your Cost

$0

The above is for illustrative purposes only and is not meant to be representative of every situation. You should seek the advice of a professional to determine your eligibility for tax deductions.

 

 

 

 

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