Hello I am a business owner and I purchased health, life and disability insurance for myself. Can I write the insurance off for tax purposes? I own the business.
State/Country relating to question: California
Asked friend and internet
If you own a corporation, then health and other benefits are legitimate expenses. If you are self-employed, then you are able to deduct your health insurance only in case if you show a profit (if you have a loss, then you will not be able to deduct health insurance premiums).
(self employed health insurance deduction section)
What about lifr insurance and disability insurance?
Disability insurance is deductible. Life insurance is deductible except certain types of life insurance contracts (publication 535)
15 years in Accounting & Tax (5 yrs as an auditor for Big 6 Account. Firm, 10yrs Fortune 100 Co's)