Are Medicare Premiums Tax Deductible for Beneficiaries? Are the related Tax Deductions different if I am on Medicare and Self Employed? Are you just looking for ways to save and reduce the impact that taxes have on your monthly and annual bottom line?
These questions are very important for many seniors who are facing later retirements and/or who are self employed. In general, these questions should be important to anyone who is Medicare eligible and who wants to empower themselves with knowledge to minimize the impact taxes have on their bottom line.
If you are self employed, earn a profit, and are enrolled in Medicare, per the IRS:
If you are enrolled in Medicare (not self employed), per the IRS:
When Should You Start Talking to Your Financial Team About Medicare*
*I am not an accountant or tax specialist. I am a comprehensive Medicare planner sharing information that may help you with your overall Medicare annual expenses. Your tax professionals and financial advisors can advise you on your specific needs and the exact rules/regulations. Stay safe and stay informed!