We have written about how a self-employed person who has profits can deduct health insurance premiums on the front page of form 1040.
With the high unemployment rate and retirement savings not going as far as expected, there are more self-employed business owners than most folks would guess.
The IRS Chief Counsel, the agency's top attorney, has formally advised that a self-employed individual can deduct the Medicare insurance premiums in computing Adjusted Gross Income (claim on page 1 of form 1040).
Medicare Part B insurance premiums are deducted from the Social Security Benefit check. Since a check is not written …