Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
Regulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-423 - DEDUCTIONS - EXPENSES
Rule 1.26-51-423(c)(1) - Business Expenses - Medical Care Insurance Premiums
Universal Citation: AR Admin Rules 1.26-51-423(c)(1)
Current through Register Vol. 49, No. 9, September, 2024
A self-employed taxpayer can deduct as a business expense on U.S. Form 1040, Schedule C, a percentage of the premiums paid during the tax year for insurance which constitutes medical care for the taxpayer, his spouse and dependents. The applicable percentage begins with 40% in 1997 and increases up to a maximum of 80% in 2006. IRC Sec. 162(l). The percentages are as follows:
|
1997...................... |
40% |
2004 |
60% |
|
1998 through 2002 ..... |
45% |
2005 |
70% |
|
2003 ........... |
50% |
2006 or thereafter ....... |
80% |
Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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