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.
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.”
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.