Standard Deduction Increased

The standard deduction for certain taxpayers who do not itemize their deductions on schedule A of Form 1040 has been increased.  The amount of the deduction depends on the taxpayer’s filing status.  The standard deduction for most people is $5,800 for single or married filing separately, $11,600 for married filing jointly or for qualifying widow…

Self-Employed Health Insurance Deduction

Qualified self-employed taxpayers and S corporation shareholders can use the self-employed health insurance deduction to reduce income tax liability.  The taxpayer must not be eligible to participate in an employer-sponsored health plan, and the insurance plan must be set up under the taxpayer’s business.  Premiums paid for health insurance for the taxpayer, spouse and dependents…