Can You Deduct Disability Insurance On Schedule C?

1. 

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   Ted Ratliff

   Owner, SFS Associates,

   If you are self employed and paying the cost of your health and disability insurance then it may be tax deductible.  It is always good to consult your tax adviser for your individual situation however since each situation is different.  For example, some people operate a side business and file a schedule C.  Their insurance is paid through an employer.  In this case, even though they file Schedule C, the premiums they pay may not be deductible.

   Answered on June 12, 2013

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   Tim Wilhoit

   Owner, Your Friend 4 Life, Brentwood TN

   Unless you are an employee of the corporation which is not schedule C, then disability insurance premiums are not tax deductible. Your must pay with after tax dollars. Here is the good news, because you pay premiums with after tax dollars if you ever draw benefits those are tax free for you. Think of it as paying taxes on the seeds and not the harvest.

   Answered on December 11, 2014

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