Can You Deduct Life Insurance Premiums at Life

Can You Deduct Life Insurance Premiums. The irs will view this type of policy as the cost of doing business, and therefore, you can claim deduct the premiums. If you hopped on the internet for a quick answer to this question, we’ll save you some time:

If you take out a policy on your life (or on the life of another person with a financial interest in your business) to get or to protect a business loan, you can’t deduct the life. However, if you are a business owner and you pay life insurance premiums on behalf your employees, your expenses may be deductible. As an individual, when you pay life insurance premiums, they are not deductible on your income tax return.

Can I Deduct Health Insurance Premiums? Insurance Noon

You can deduct premiums for life insurance policies that cover your company's officers and employees, provided you are not a beneficiary under the contract, either directly or indirectly. O the employer may deduct the premiums against business income as long as the premiums are a A corporation can deduct life insurance premiums if they’re used as collateral for a loan. O the premiums are treated as taxable income to the employee.