Is the Long-Term Disability Insurance premium deductible on Schedule C for a sole proprietor?

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Is the Long-Term Disability Insurance premium deductible on Schedule C for a sole proprietor?

2007-03-05 01:08:40 · 3 answers · asked by George H 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

To add to the previous answer. the premiums for the owner are not deductible and the benfit received, if ever, is not taxable to you.

2007-03-05 02:53:02 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋

2016-10-08 14:04:32 · answer #2 · answered by ? 3 · 0⤊ 0⤋

If you pay disability premiums for your employees, that is deductible as a fringe benefit. However, disability premiums you pay for yourself are not deductible.

2007-03-05 02:02:50 · answer #3 · answered by ninasgramma 7 · 0⤊ 0⤋