Can A Business Deduct Life Insurance Premiums?

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   Steve Savant

   Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona

   Life insurance is not deductible.That being said, life insurance can be part of the annual contribution in some tax deductible qualified defined contribution plans. Participating whole life can be up to 49.5% and universal life can be up to 25% of the annual contribution. There will be an economic benefit tax because of the death benefit itself is an extra item beyond the accumulating cash values.

   Answered on August 7, 2013

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