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TaxTom
TaxTom, Internet Researcher
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Tax question - I am an independent management consultant.

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Tax question -

I am an independent management consultant. I use TurboTax to file my taxes and they readily identify Healthcare Premiums and LTC premiums as business expenses. Can I also claim my life Insurance premiums as a business expense?

TaxTom :

Hello, You can take health insurance and LTC premiums for you and your family. The deduction is a percentage as actual premiums pays and shows up as a reduction of income on line 29 of the 1040. It would not be included as an expense on your Schedule C. Thanks Tom

Customer: How about Life Insurance premiums. Can I claim them as a business expense?
Customer: Also I made no profit in 2012 so The SE Healthcare worksheet reduces my claim for line 29 firm 1040 to zero. I am pretty sure I filed the Healthcare c
Customer: are and LTC correctly. just need to know about Life premiums
TaxTom :

No Life Insurance is not deductible.

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Thank You for letting me assist you with your question, If I can help you further please let me know. Tom