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Under the new tax plan, can a Schedule C proprietor still…

Under the new tax plan...
Under the new tax plan, can a Schedule C proprietor still deduct her health insurance premiums on page 1 of Form 1040 & are there any medical expenses she can still deduct on Schedule A (if they exceed 7.5% or 10% of AGI)?
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Answered in 12 minutes by:
12/14/2017
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,350
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hi Scott,

The tax plan is still in the negotiation process between the House and Senate, so nothing is official thus far.

There have been no reports or signs that a change in the deduction of the health insurance premiums will change. Therefore, as of now, a Schedule C proprietor will still be able to deduct her insurance premiums.

Medical expenses that exceed 10% of AGI ( 7.5% if you are over 65)is deductible on schedule A. Before the affordable care act medical expenses, regardless of age was deductible after you reached the 7.5% threshold.

The issues that are getting the most attention are the lowering of the corporate tax rate, possible elimination of the deduct ability of the SALT tax, home mortgage deduction and lowering of pass through income tax rates.

Please let me know if I can look into anything further for you!!

Thank you

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Customer reply replied 5 months ago
I thought the home mortgage deduction is remaining & the SALT deduction was now limited to 10k?

Nothing is final yet. The Senate dropped the threshold to $500,000 and the House kept the deduction about the same.

The SALT deduction is very much up in the air, in my opinion. States like NY and California are fighting any reduction in SALT tax.

As of now, we have no choice but to sit and wait for a final proposal.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,350
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
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Thank you for the rating Scott!

Have a good evening.

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Customer reply replied 5 months ago
Thanks Chad!
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Chad EA, CFP ®
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