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Can a corporation deduct the life insurance premium for its president?
Wiki User
∙ 15y ago
No
Wiki User
∙ 15y ago
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Can an s-corporation shareholder deduct life insurance premiums?
Assuming the purpose of the insurance is for a buyout or keyperson, the answer is no.
Can you deduct your health insurance premium on your 2009 federal tax?
If you itemize your deductions, you pay for your health insurance yourself with after tax funds, or if you are self employed you may be able to deduct part or all of it in 2009.
Can you deduct your life insurance premiums?
no
Can you deduct house insurance from your taxes?
No.
Can you deduct life insurance premiums on taxes?
No
Is there an exception to the rule concerning the non-deductibility of life insurance premium?
You never want to deduct the premiums of a life insurance policy. The reason for this is if you deduct the premiums then the benefits will automatically be taxable. You certainly would not want the proceeds to be taxable just to get a very small tax deduction for the premiums. One of the best things about life insurance is that the proceeds are not subject to income tax. The same thing applies to certain other types of insurance. If you purchase disability insurance at work the premium is paid with after tax money so that the benefits will not be taxable. It works the same way. If the premium is paid by the employer as a benefit of your employer or if a clerk deducts it before tax through a cafeteria plan by mistake then the benefits will be taxable for income tax if you ever get disabled.
Can you deduct life insurance as a business expense?
Not likely.
What is formulated into payroll tax deductions?
You will always want to deduct any taxes that are paid out of your income. You can also deduct premiums for life insurance, as well as other types of insurance.
Can you deduct private mortgage insurance?
PMI is not a deductible expense.
Can you deduct life insurance on taxes?
Generally as personally owned life insurance you would not deduct the premiums on your taxes. This would make the normally nontaxable death benefit subject to taxation.
Can you deduct health insurance premiums you paid?
If you file Schedule A (long form) you can deduct your health insurance premiums as a medical expense. If you pay this through your employer, most likely you have it paid from pre-tax income such as through a cafeteria plan, then you are not allowed to deduct the premiums.
Can a Self employed person deduct health insurance premiums on their taxes?
Yes, beginning in tax year 2010, you can deduct health insurance premiums when arriving at income subject to SE tax.
