answersLogoWhite
Liability Insurance
Salary and Pay Rates

Can you deduct life insurance premiums as a business expense?


Top Answer
User Avatar
Wiki User
2015-07-15 18:45:48
2015-07-15 18:45:48

Yes, but it might not be a good idea as then the benefit would be taxable. Are you talking about YOUR coverage or for your employees?

for more info see www.steveshorr.com/life.htm

Related Questions

User Avatar

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.

User Avatar

about 10-20% because of the off and on differences the health has. the 401(k) would most likely benefit from this.

User Avatar

No, you cannot deduct premiums paid on disability insurance policies. Two scenarios, first if your employers pays the premiums you would receive the disbursements as taxable income. If you pay your own premiums, then you would receive the disbursements tax free. Either way, you cannot deduct on your individual income tax the premiums paid. Think about it! If your employer paid the premiums, there was no expense to you, hence no deduction!. If you paid the premiums, you do have an expense BUT you are receiving the disbursements tax free and therefore could not take a deduction!

User Avatar

Can I add my monthly health insurance payment from my employer to my medical deductions, such as medications prescribed, office visits, etc..

User Avatar

No. Also, it is probably not a good idea to try and deduct the premiums for diability or life insurance because if you deduct the premiums or if the employer pays the premiums then any benefits are then taxable. You certainly would not want to have to pay income tax on a large life insurance benefit just because you wanted to deduct a few hundred dollars of insurance premiums.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.