Is knob man insurance premiums deductable to the business?
Answers:
It can be, depending upon the federal and state laws that guide these types of transactions. If so, it have to be set up correctly as to the owner of the policy and how premiums are paid. Check next to your tax accountant, attorney and someone glorious up at the insurance company you are thinking of using.
Sounds reasonable but check beside Tax Dept
It is your choice, you can pay beside before rates dollars, but then the proceeds, when the character dies, will be considered taxable income. however, if you pay the premiums beside after tax dollars, next you will receive the face efficacy as non-taxable dollars.
If your agent is knowledgeable satisfactory to be selling this type of coverage, he should be able to answer your interview. Further, if it can be, he should have discussed that next to you before or during the application/delivery process.
I would check near your agent first.