If the accident was your fault and your company doesn't have an accident forgiveness policy or you haven't been with your company long enough to qualify for forgiveness then I would highly consider paying out of pocket for the damage. If the accident wasn't your fault then go ahead with the claim. Make sure that you know whether the accident is your fault or not. What an insurance company thinks about fault is often times different than what you think.
NO. Life insurance premiums would NOT be deductible on your 1040 federal income tax return.
no,
Life insurance premiums are not tax deductible, in general. However, group life insurance premiums are deductible for a business if the death benefit is $50,000 or less. Also, using key man insurance and executive bonus mechanisms, sometimes there can be some tax advantages. But, the premium is not deductible.
Yes. Health insurance premiums are tax deductible to an individual under IRC Section 213(d).
Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual's income.
No, in most cases, workman comp insurance premiums are not deductible on tax returns. You can speak with an accountant to find out more details.
A deductible is your "skin in the game" so to speak. A way of reducing insurance premiums is to increase you're deductible, thereby reducing the risk of the insurance company. If you had an insured loss of $1000 and you had a deductible of $250, you would be paid $750 by your insurance carrier.
You can pay for your disability premiums pre-tax through payroll deduction. If you do this any benefit will be taxed as well.
Generally, the premiums are not deductible, and benefits would not be taxable income.
If you increase your deductible you are therefore retaining more of the risk upon yourself and therefore the insurance company will reduce your premiums.
I think you maybe using the wrong verbiage here? Usually the term "Health Insurance Riders refers to exclusions for Pre-existing conditions that are excluded from your policy! Do you mean Health Insurance Premiums? Premiums are the amount you pay monthly or yearly to be insured. If you mean premiums they are tax deductible for some people, but deductions all depend on your income level, tax bracket, and several other factors that your CPA should help you with. Because what is deductible for one is not deductible for all!
premiums are non income to the individual and non deductible to the business