It depends on your situation.
For those who are self-employed, health insurance premiums for yourself, your spouse, and dependents are generally deductible. This can help reduce your taxable income, which is a big win during tax season.
If you get your health insurance through an employer, premiums are usually deducted from your paycheck pre-tax, meaning you’re already saving on taxes.
But if you’re paying for health insurance independently, things can get a bit more complicated, and your ability to deduct those costs will depend on your income and filing status.
For specific guidance on your health insurance and how it might impact your tax deductions, it’s always a good idea to consult with a tax professional.
Need help with your health insurance coverage or have any questions about your options? Call us at (813) 761-2836 or email us at team@rwealthgroup.com.
Reference: IRS Publication 502 on medical and dental expenses at www.irs.gov/forms-pubs