This video delves into the specifics of tax deductions for health insurance premiums, distinguishing between W-2 employees and self-employed individuals (1099).
- W-2 Employees: Can’t usually deduct insurance premiums but may deduct medical expenses exceeding 7.5% of adjusted gross income if itemizing deductions.
- Self-Employed (1099): Can deduct health insurance premiums directly from taxable income, simplifying the deduction process.
- Tax Deduction Criteria: For W-2 employees involves a comparison between medical expenses and adjusted gross income, plus the choice between itemized and standard deductions.
- Professional Advice Recommended: Viewers are encouraged to consult with tax professionals for detailed and personalized tax guidance related to healthcare expenses.
