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T
texdude
March 15, 2021
Question

Are life and disability insurance premiums deductible for self employed business?

  • March 15, 2021
  • 1 reply
  • 0 views
NOT concerned with Health ins premiums!

1 reply

D
DavidD66
March 15, 2021

No.

 

You can't deduct the premiums you pay for private disability coverage. But, because you're paying for private coverage with post-tax dollars, your benefit will be tax free if you ever need it.

 

Life insurance premiums are considered a personal expense, and therefore not tax deductible. 

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