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Old 05-02-2011, 04:27 PM
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Self Employed Business people can now amend prior year tax returns to deduct Medicare Premiums as part of their income tax deduction for health insurance on Form 1040!

According to the IRS on Publication 535, "Self Employed Business people can now amend prior year tax returns to deduct Medicare Premiums as part of their income tax deduction for health insurance on Form 1040."

It appears that there were substantial taxpayers who failed to write off the premiums in the Pre 2010 tax years because the instructions in these years said that these amounts were not deductible. However, Publications 535 and 1040 tax instructions for 2010 specifically allow for these write-off's.



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Old 05-02-2011, 04:29 PM
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Very Nice, but its going to cost taxpayers to amend the tax returns!



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