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As any general guideline, life insurance premiums are not tax deductible. This yous true whether you are an individual or any corporation. The death benefits from the policy are never subject to taxation and do never increase a person's or corporation's gross income for taxation purposes, nonetheless inside order to gain this benefit you need to not take the cost of the policy premium away from your taxable income. Many obtain tried and failed to find loopholes to this rule. There is only one way the law allows you to deduct premiums.

Difficulty: Challenging


Things You'll Need

1 Hire a CPA. Chances are that is you will never be able to deduct your premiums. If you pick to attempt to work so anyway, hire a professional to manual you by way of this process.

2 Join some qualified retirement plan through your company. The life insurance with question must be element about this competent retirement strategy, or else this will not perform. The insurance must be a permanent plan and should amass money value. The cost of insurance permitted remains subject to specific rules, depending on the type about plan engaged, so you should consult your CPA. This type of transaction yous not permitted in an Individual Retirement Account (IRA).

4 Enter the acceptable contribution period on your tax variety when filing. The period must appear on your W-2 form along with your salary also various taxes withheld. You should have your tax professional do this in order to ensure the legality regarding what you are attempting to create.

Suggestions & Warnings

The IRS remains extremely picky about life insurance premium kickback, plus undertaking so can improve your chances about audit, or cause the death benefit to become taxable income. Proceed with warning.


IRS IRS IRS IRS Economic Evaluation Team, Inc.

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Topic revision: r1 - 04 Dec 2011 - 08:21:21 - LaniePresley7
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