I am a sole proprietor. My husband and I pay our medical expenses directly. We do not have medical insurance. My husband does some consultant work. Where do I deduct the medical expenses? On schedule C or on schedule A? Any help is appreciated.
wrote
Schedule A from what you posted.
-- Paul Thomas, CPA snipped-for-privacy@bellsouth.net
Schedule A.
-- Phil Marti Clarksburg, MD
schedule a.
ChEAr$, Harlan Lunsford, EA n LA Tues Feb 13 1825
Moderator: 1825?? Your condition must be on the downslide.
Your medical expenses are personal expenses, not business expenses. They go on Schedule A, and only the amount over
7.5% of your AGI will be deductible. Since you are a sole proprietor, you could get a medical insurance policy to cover you and your husband, and deduct the entire cost using the Self-Employed Health Insurance Deduction, limited only by the net profit from your business. The net cost could end up being less than what you are paying for medical expenses, and would protect you in the event of a catastrophic illness or injury. You can read the details of this deduction in IRS Publication 535 at the following link.1825 was meant to be military time, as in 6:25 PM to you civilian folks, but it probably should have read something like 1825 Feb 13 2007. Darn, I'm not really sure how it should read. But since some of my replies have not been received by your newsgroup reader, (like this time every year it seems!), that's why I wanted to document posting time/date. Moderator: And this is the first yearyou tell me this? I will give my e-mail filter the once over. But anyone who dislikes the Noo Yawk damnyankees is a friend of mine.
(snipped...)
No, this is not the first year I've told you. We had email correspondence on this matter three years ago, and again last year about April if memory serves. Which it doesn't at times. But it looks like my recent posts are making it okay. So, as the old Southern saying goes, you must be "holding your tongue in your mouth right." (the right way.) ChEAr$, Harlan
Moderator: And now you tell me my memory is going too!
Just be glad that the memory is the SECOND "thing" to go.
It's the third after my hearing and my back.
Damn! I didn't remember that.
Stu
A colon would go a long way, a time zone designation even better.
18:25 PST 2007/02/13I think that's pretty clear. I don't know about the military but have been talking to my computer using 24-hour notation for decades. ;-)
-Mark Bole
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