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Taxtom
Taxtom, Accountant
Category: Finance
Satisfied Customers: 2364
Experience:  25 Years in preparing Personal and Business Tax Retuns
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is there any possible way to pay for health ins premium from

Resolved Question:

Looking to purchase life insurance on myself. I own a small business.

Should I pay for it with business or personal funds and what are advantages or disadvantages?
Submitted: 5 years ago.
Category: Finance
Customer: replied 5 years ago.
Relist: I still need help.
Expert:  Taxtom replied 5 years ago.
Hello, In most cases life insurance is not a business expense. If the proceeds are paid to the business then they are deductible but are taxable to the business. If you pay with personal funds then the proceeds are tax free to the beneficiary. Thanks Tom
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