Good news is on the horizon for the self-employed: Thedeductibility of health-insurance costs--which are at a marginal 40percent for 1997--will gradually increase over the next 10 years,and will be 100-percent deductible by the year 2007. These changesare brought to you courtesy of the Taxpayer Relief Act of 1997,which President Clinton signed into law on August 5.
"This is the first major tax cut in 16 years, but the newtax act is extremely complex, with numerous technical andcomplicated provisions," says Ed Slott, a CPA in RockvilleCentre, New York, and author of Your Tax Questions Answered(Plymouth Press, $9.95, 800-350-1007), which answers 171 of themost commonly asked tax questions.
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