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As an independent contractor can I deduct my mileage and health insurance? |
what proof do I need for my mileage deductions? As an independent contractor, you can deduct EITHER: A) the actual expenses you incur with your business travel; OR B) a per-mile rate. Your "proof" is typically a travel log, which shows the date, the nature of the trip, starting mileage, and ending mileage. Remember that regardless of which option you select above, parking fees can also be deducted if you have a receipt for it. Your health insurance premiums are deductible after you've spent more on medical expenses (including health insurance premiums) than 7.5% of your income. You might want to see if you can find a company that can set up a cafeteria plan (also called a Section 125 plan) for you. You can then have your health insurance premiums set up to be paid for with a pre-tax deduction on your paycheck. Good luck! i believe so You send in a copy of your mileage log. You can only claim the amount of insurance that is over the minimum requirement, just like everyone else. I pay someone to do mine, but I think you can claim the amount that is over 2% of your income. Yes you can deduct both- for miles you needed to have kept a record of the miles driven, or like me have another vehicle you claim as using for personal reasons. (That way ALL of the expenses I have for the primary auto are deductible: payment, insurance, maintenance, repairs, parking, gas and oil). You must keep a daily logbook of the milage you incur; you will use this to enter into your tax form and if you are audited you must have these records. If you are filing a schedule C for your business there is a line there for medical, which does include your premiums, scott and janet are wrong on health insurance. for the last couple of years the irs allows a straight deduction of health insurance premiums for self-insured individuals. Good info in basic taxation for the independent contractor can be found here: http://www.associatedcontent.com/article... |
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