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Farmers and Small Farms Can Maximize Tax Savings from Health Insurance Costs

Summary

Under the Affordable Care Act (ACA), the individual mandate requires farmers to obtain and maintain "minimum essential coverage" (MEC) for themselves and dependents.[1] Because of the many changes associated with the ACA, many farmers and farm businesses may be paying health insurance premiums for the first time in 2014 or may have faced increased premiums to comply with the ACA mandates. Accordingly, many farmers may find it helpful to understand some useful tax rules associated with the deduction of health insurance premiums.