Premiums for group term life insurance paid by an employer on behalf of employees are deductible, but only if the employer is not a beneficiary. If coverage exceeds $50,000, the premiums must be included in the employees compensation as additional wages, subject to payroll taxes.
Self-employed individuals cannot deduct the cost of life insurance on themselves.
We specialize in helping taxpayers claim the right deduction
ADVANCE TAX RELIEF LLCBBB Accredited Business - As Seen on TV!Have tax problems? Call (800)790-8574Testimonial:"My husband lost his job and the IRS was garnishing my wages. I called advance tax relief for help, my wage garnishment was released and we settled with the IRS for $1,200 on a $48k debt. Our family is very grateful" - Shirley W, Tampa FL.
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