Login|Contact Us
Question and Answer

Tax

Ask a Tax Question, Get an Answer ASAP!

  • Ask A Question
  • Browse Answers
  • Meet The Experts
  • How JustAnswer Works

Hello I am a business owner and I purchased health, life and

 
CPAforHire's Avatar
  • Answered by:CPAforHire
  • Certified Public Accountant (CPA)
  • Positive Feedback: 100.0 %
  • Accepted Answers: 67
Verified Expert
in Tax

Recent Feedback

Positive
Confirmed what I thought...big relief!
Positive
Great answer. Very helpful!
Positive
fast and seems to know taxes - appreciated the quick service
Positive
Thanks For the quick reply
Positive
Thanks for your prompt, clear and straightforward response.
Positive
Thanks! The amount was only for equipment - I just wanted to make sure I didn't...
Positive
Thank you for being so patient and explaining so well. This has been a real...
Positive
Fast, courteous

Customer Question

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.

 

Optional Information:
State/Country relating to question: California

Already Tried:
Asked friend and internet

Submitted: 1102 days and 21 hours ago.
Category: Tax
Value: $15
Status: CLOSED
Expert:  CPAforHire replied 1102 days and 13 hours ago.

Hello,

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).

http://www.irs.gov/publications/p535/ch06.html#en_US_publink1000208843

(self employed health insurance deduction section)

Thanks

Customer replied 1102 days and 7 hours ago.

What about lifr insurance and disability insurance?

Accepted Answer

Expert:  CPAforHire replied 1102 days and 7 hours ago.

Disability insurance is deductible. Life insurance is deductible except certain types of life insurance contracts (publication 535)

thanks

Expert TypeCertified Public Accountant (CPA)
Category: Tax
Pos. Feedback: 100.0 %
Accepts: 67
Answered: 4/25/2010

Experience: 15 years in Accounting & Tax (5 yrs as an auditor for Big 6 Account. Firm, 10yrs Fortune 100 Co's)

Ask this Expert a Question >
 
Tweet

3 Tax Professionals are Online Right Now

Ask Your Question Now
Tax Questions Date Submitted
Good evening My wife and I live in the Cayman Islands and 3/31/2011
my husband works in ny and i work in nj. my husband lives 3/31/2011
My father is a naturalized citizen receiving a pension from 3/31/2011
how do you deduct the loss on an excess 401k contribution in 3/31/2011
My husband passed away in october 2009. I received a K-1 for 3/31/2011
I hold some PFICs in a Roth IRA. Do I have to file a Form 3/31/2011
What is the minumum income that needs to be taxed 3/31/2011
Is there a statute of limitations for Philadelphia collecting 3/30/2011
This month I got a letter from the IRS stating that they are 3/30/2011
My son is living and teaching in Thailand. He earned $8,000 3/30/2011
RSS
Next 10 >
Ask A Tax Professional
Type Your Tax Question Here...
characters left:

Top Tax Experts

See More Tax Professionals

In The News

Nbc
Washington Post
New York Times
Cnn
Learn More

How It Works

  • Ask an Expert
  • Get a Professional Answer
  • Ask Followup Questions
  • 100% Satisfaction Guarantee
Learn More
 
 
 

Recent Articles in Tax

  • Tax Rules
  • Progressive Tax System
  • Tax Computation Questions
  • Property Tax Questions
  • Business Tax Laws
  • Personal Tax Questions
  • Estate Tax Law Questions
  • Income Tax Problems
  • Income Tax Law Questions
  • International Tax Law Questions
All Tax Articles
 
 
 
close
Find Expert answers related to your question.
Sign up using email
We will never post anything without your permission.
Already have an account? Sign in

Ask a Tax Professional

Get a Professional Answer. 100% Satisfaction Guaranteed.
175 Tax Professionals are Online Now
Type Your Tax Question Here...
characters left:
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Truste
Contact Us | Terms of Service | Privacy & Security | About Us | Our Network
© 2003-2013 JustAnswer LLC
  • Pearl.com
  • JustAnswer UK
  • JustAnswer Germany
  • JustAnswer Spanish
  • JustAnswer Japan