Reply to For those with high HHI ($500K), tax saving strategies

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[quote=Anonymous][quote=Anonymous]You can have a Schedule C business on the side and if you are on Medicare can apparently deduct some portion of your medicare premium. My accountant tried to do this. I think it's sketchy af  for us and said no and gladly paid a couple hundred more in taxes. Ymmv but I felt it was just not what I wanted tomdo.[/quote]

Under certain circumstances, this is legit; you need to have a Schedule C business that makes money and you need to not have access to insurance as an employee benefit from an employer. The way you said "on the side" when referencing the Schedule C business though ... yeah, it is "sketchy" (or worse) if you have access to an employer subsidized plan. Which makes sense -- the point with the deduction is to subsidize health insurance expenses, and the gov isn't going to do that for people who already have access to subsidized health insurance by way of an employee benefit.

-- a tax professional who has made a living going into court and calling out tax strategies that are, as you put it, "sketchy af" [/quote]

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