Can You Claim Disability Insurance Premiums On Taxes?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaDisability Insurance Premiums can be tax deductible, if you have a legitimate business and you wish to expense the disability insurance premiums. Keep in mind that once you deduct the disability insurance premium, the benefits will be taxable as ordinary income. Another advantage of expensing disability insurance is you can cover up to 80% of your compensation.Answered on June 14, 2013+01+1 this answer
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10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNYou cannot claim disability premiums as a write off on your taxes as an individual. However, if you own a company and are providing disability insurance for your employees then yes you can write off your disability premiums. There is an advantage to owning disability insurance. Since you are paying the premiums, if you have a disability claim then all the proceeds or income from that plan are tax free to you. Whereas if your employer pays your premiums and he claimed them on his taxes, your disability proceeds would be taxed as income.Answered on June 19, 2014flag this answer
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