Category Archives: Taxes

Self Employed Health Insurance Deductions

What types of insurance are eligible for the self-employed health insurance deduction? Answer: The deduction may be taken only for premiums paid for medical insurance, dental insurance and qualified long-term care insurance. Moreover, the deduction may be taken only for premiums for insurance that covers the taxpayer, spouse and dependents (Code Sec. 162(l)(1); IRS Pub.…
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Long Term Capital Gains and Losses

If a taxpayer has a net capital gain, the taxpayer’s long-term capital gains and losses must be separated into three maximum tax rate groups: (1) the 28 percent group; (2) the 25 percent group; and (3) the 15 percent group. The 28 percent group consists of capital gains and losses from collectibles (including works of…
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