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Kneadmassage
Level 1

Health insurance - not premium

Hello!

 

I’ve been doing some research and I’ve found that any medical expense (copays, dental, lasik, etc) that exceeds 7.5% of your agi can be written off on business taxes. When categorizing in quickbooks self employed the only business medical deduction that can be chosen is the health insurance premium category, which would not be accurate. Can anyone validate this information I’ve found and/or how would I account for those charges via QBSE? 

Any help is greatly appreciated!

1 Comment 1
Mark_R
QuickBooks Team

Health insurance - not premium

Categorizing your health insurance in QuickBooks Self-Employed (QBSE) is my priority, @Kneadmassage.

 

When you categorize your healthcare expenses, you can select the Health insurance premium category to record them. However, I recommend seeking help with your accountant for more guidance.

 

Please know that the Health insurance premium category can affect your quarterly tax estimates. To record your healthcare expenses, please follow the steps below:

 

  1. Click Transactions from the left menu.
  2. Select Add transactions.
  3. Enter the information, then select Business for the Type.
  4. Click the Category link and search for the Health insurance premium category.
  5. Click Save.

I'm adding this article to learn how to manage your healthcare expenses: Find out if your healthcare is deductible in QuickBooks Self-Employed.

 

You might also want to check out this article to learn more about healthcare deductions in QBSE: What healthcare expenses may be deductible.

 

Please post a reply below if you have other concerns with your transactions in QuickBooks Self-Employed. I'll be more than happy to assist you again. Have a great day and take care always.

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