The heat is turning up everywhere right now, literally and metaphorically.

Let’s discuss that in terms of your Sugar Land business if you filed an Employee Retention Credit (ERC). See, the IRS is leveling up their ERC claim investigations right now. If you claimed things correctly, nothing to worry about here. But if you fell prey to the ERC mills or bad advice to file when your business didn’t really qualify for it, get ready for your claim to be rejected. 

The IRS has processed 1 million claims and it looks like a large percentage of them will be denied — tens of thousands.

There is an option to withdraw your claim. But if you believe it to be legitimate that may give you pause. 

If you’re unsure about the legitimacy of your claim, and we didn’t help you file it, let’s get something scheduled to see what your next course of action is.

And that goes for any area of your business you need help with.

Because there are so many “extras” that come with business owner life that eat up precious hours and days that you should be devoting to the business. It’s maddening to set aside time for things like logging expenses and researching self-employment health insurance when you want (and need) to be networking to grow the biz, staying on top of market trends, and fulfilling client work and customer orders.

You already know I’m here for the bookkeeping part of it:

And here’s a shortcut for that time-consuming health insurance research project…

TN CPA’s Self-Employment Health Insurance Guide
“The first wealth is health.” – Ralph Waldo Emerson

I think one of the bigger challenges faced by self-employed individuals is finding affordable health insurance coverage. With no access to the group rates and employer subsidies you get from working for someone else, Sugar Land self-employed folks are forced to navigate the individual market, where prices can be higher.

Balancing affordability and adequate coverage can be a challenge, but knowledge is power. 

Types of plans for self-employment health insurance

1. Individual Plans
Purchased directly, these plans offer flexibility and choice, allowing you to select the specific coverage and benefits that suit your needs. But, they’re generally more expensive compared to employer-sponsored group plans.

 2. Group Plans
Did you know you can still get access to group health insurance plans through professional or trade associations, chambers of commerce, or other organizations? The more affordable rates are the obvious plus here, but group plans also often provide comprehensive coverage, which may include dental and vision insurance.

3. Health Sharing Ministries
Interest in these plans hasn’t waned. These are religious-based organizations where members contribute to a pool of funds that are used to cover medical expenses. It’s not technically insurance, but it can provide an affordable alternative for those who share similar religious beliefs.

Where to buy self-employment health insurance

The Affordable Care Act (ACA) of 2010 introduced the health insurance marketplace, where individuals can shop for and compare different health insurance plans. And even though the ACA penalty for not having insurance is now zero (as of 2019), the marketplace is still accessible for people like you. (Note that some states do still enforce penalties for not having health insurance.)

If you’re not familiar with it yet, the marketplace offers a range of coverage options and subsidies based on income. Self-employed individuals can take advantage of the marketplace to find pretty affordable coverage.

You can also seek out a local Houston insurance broker for a more personalized experience with a human to help you understand all the technical terms and choices.

And online there are various tools and websites that allow you to compare plans side by side.

Self-employment health insurance coverage questions to ask

This is just a sample of some questions to be asking.

  • Are telehealth services included?
  • Is the plan HSA (health savings account) eligible? (There’s also a tax deduction for these – see next section.)
  • Are preexisting conditions covered?
  • Are my doctors in-network?
  • What will I be paying out of pocket?
  • Are there better options available this year than what I had last year?

Tax deductions and credits available

The various tax deductions and credits can help offset the cost of your coverage and reduce your overall tax liability. Here are some key deductions and credits to be aware of:

 1. Self-Employed Health Insurance Deduction
If you are self-employed, you may be eligible to deduct the cost of your health insurance premiums as an above-the-line deduction on your federal income tax return. This deduction can help reduce your taxable income, resulting in lower overall taxes.

2. Premium Tax Credits
Depending on your income level, you may qualify for premium tax credits when purchasing health insurance through the marketplace. These credits can help lower your monthly premium payments, but be sure to estimate your annual income accurately because you’ll be making up for major differences one way or the other come tax time.

3. Health Savings Accounts (HSAs)
HSAs are tax-advantaged savings accounts that can be used to pay for qualified medical expenses. If you have a high-deductible health plan, you may be eligible to contribute to an HSA and deduct those contributions from your taxable income.


Whew, that was a lot of information. I’m always here to help you navigate all the “extras” that come with being a business owner, like self-employment health insurance fun. Be sure to bring this up at your annual tax appointment so we can be sure to get you all the credits and deductions you’re due.


Looking out for you,

Tina Nguyen