A Self-Employed-Health-Insurance-Deduction is a break you can take to help lower your yearly tax bill. This deduction is an adjustment that is subtracted from your gross income and allows you to funnel more of your money into retirement plans, investments, and other areas. If you have health insurance for yourself, your spouse, or any dependent children that qualify for the credit, then you can take this deduction. Note that this deduction is typically available if you and your spouse are business owners or work as independent contractors.

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