I am self employed and we have Blue Cross, do I enter that as a business expense "Private Health Care Service Plans" or with our other medical receipts?

Answer

You are allowed ot claim the premiums as a business expense under certian conditions some of which are;

The Plan is administered by an Independent Group such as an insurance company.

You net business income makes up more then 50% of your total income for the year.

You are actively engaged in business on a continous basis, and if the business does not have employees or fewer than 50% of the employees are non-arm's length (related) the maximum allowable deduction is $1500 for each the owner their spouse and any dependent covered by the plan over the age of 18. There is an additional allowance of $750 per dependent under the age of 18.

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