Owner-operators net bigger tax break on health insurance in 2003

| Friday, February 28, 2003

Good news: In 2003, independent contractors can deduct 100 percent of their medical benefit contributions on their 2003 federal taxes. This is an increase from 70 percent in 2002.

“This is definitely a welcomed change in the tax law,” Kari Russell of OOIDA’s Medical Benefits Group said. “It’s very difficult for owner-operators to find affordable benefits, so this will help. With the rising cost of fuel, this is one positive thing happening for owner-operators.”

For information about this and other business expense tax deductions, request Publication 535 Business Expenses from the Internal Revenue Service by downloading it at www.irs.gov or ftp.irs.gov. To receive the publication using fax on-demand, call (703) 368-9694 from your fax machine.

Comments