Health Insurance Deduction Reduces Self Employment Tax

In 2010, eligible self-employed individuals can use the self-employed health insurance deduction to reduce their social security self-employment tax liability in addition to their income tax liability. As in the past, eligible taxpayers claim this deduction on Form 1040 Line 29. But in 2010, eligible taxpayers can also enter this amount on Schedule SE Line 3, thus reducing net earnings from self-employment subject to the 15.3 percent social security self-employment tax.  More....

IRS Webinar for New Non-501(c)(3) Organizations

A free Feb. 24 webinar, What New Non-501(c)(3) Organizations Need to Know, will cover meeting your organization’s “operational test,” five ways to avoid jeopardizing your tax-exempt status, annual filing requirements for exempt organizations and tools you can use for tax compliance. Register now.