Tax Relief for Self-Employed: Health Insurance Cost Deduction
This bill aims to ease the financial burden on self-employed individuals by allowing them to deduct health insurance costs from their self-employment taxes. This change could lead to lower tax payments for them, resulting in more disposable income. These new rules will apply to tax years beginning after the bill's enactment.
Key points
Self-employed individuals will be able to deduct health insurance costs when calculating self-employment taxes.
This change may reduce the amount of taxes paid by those who run their own businesses.
The new rules will take effect for tax years starting after the bill becomes law.
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