Can You Deduct Disability Insurance On Taxes?

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   David RacichPRO

   Fountain Hills, Arizona

   If you have a legitimate business with business expense, you should be able to deduct individual disability coverage, but make sure the deduction is worth it. Deducting the disability premium can increase your benefit up to 80% of your compensation but the benefit is taxable. Not deducting the premium will deliver up to 60% of your compensation but its tax free. Do the math. A deduction in hand is not necessarily worth two in the bush.
    

   Answered on June 8, 2013

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