Life Insurance...write off

Discussion in 'Business Operations' started by tiedeman, Mar 23, 2005.

  1. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Posts: 8,745

    Can I write off life insurance as a business expense? I know that i can write off health insurance 100%, but what about life?
     
  2. SCW

    SCW LawnSite Member
    Posts: 29

    No - life ins is not deductible unless it's required by a bank (for a loan) and the bank is the beneficiary.
     
  3. specialtylc

    specialtylc LawnSite Bronze Member
    Posts: 1,656

    YES and NO. I have a business partner and we each have a policy on the other. And its deductible on our taxes.
     
  4. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    I thought only health Troy.
     
  5. Rotor-Man

    Rotor-Man LawnSite Member
    Posts: 126

    NO!! I think you need to contact and hire an accountant.
     
  6. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Posts: 8,745

    ya, talked with my accountant today about it, and I can't write it off
     
  7. Lux Lawn

    Lux Lawn LawnSite Silver Member
    Posts: 2,267

    I pay my life insurance through the business and at the end of the year I think what I pay actually goes on my W2 as income.
     
  8. tiedeman

    tiedeman LawnSite Fanatic
    from earth
    Posts: 8,745

    well, what my accountant told me is that you could pay it through the business, but once you pass away it goes to the business, not to your spouse
     
  9. rodfather

    rodfather LawnSite Fanatic
    Posts: 9,501

    Well that sucks!
     
  10. Lux Lawn

    Lux Lawn LawnSite Silver Member
    Posts: 2,267

    Did you will your business to your spouse?If so she would still get it right.
     

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