Can I deduct my health insurance premiums if I'm self-employed?

Yes — the self-employed health insurance deduction lets you deduct premiums you pay for medical, dental, and qualifying long-term care coverage for yourself, your spouse, and dependents. It's especially valuable because it's an "above-the-line" adjustment, meaning you get it even if you don't itemize, and it reduces your income tax (though not your self-employment tax). To qualify, you must have net profit from the business, and you can't be eligible for coverage through your own or a spouse's employer plan. The deduction is limited to your business's net profit. If you bought a marketplace plan with a premium subsidy, only the portion you actually paid counts. This is one of the larger deductions self-employed people overlook, so make sure your premiums make it onto Schedule 1. Pair it with an HSA if you have a high-deductible plan.