Sentences with phrase «premiums as a business expense»

Remember that in many cases, you can deduct private health - care premiums as a business expense instead of a medical expense, and one - half of Canada Pension Plan paid in respect of self - employed earnings is deductible instead of creditable.

If your employer is covering the cost of your life insurance entirely, whether from the goodness of their heart or because they can write of the premiums as a business expense (hint: it's probably the latter), then it doesn't make sense to not have it.

If you take out a policy on your life (or on the life of another person with a financial interest in your business) to get or to protect a business loan, you can't deduct the life insurance premiums as a business expense.

If the business took a tax deduction for the policy premiums as a business expense, a tax may be incurred on the death benefit.

Not exact matches

The bill's tax cuts, as well as new or larger deductions for start - up expenses, cell phones and health insurances premiums, can give some financial help to most small business owners.

The way it works is that, each year, the insurer deduct all expenses, such as death benefits paid and the costs of running the business, from the money they've made (premiums collected, investments, and any other sources of income) and pays out any net profit as a dividend.

Having your sole proprietorship or individually owned company pay your life insurance premiums so as to deduct these expenses from your business» taxable income would be just such an attempt and is therefore not legal.

The way it works is that, each year, the insurer deduct all expenses, such as death benefits paid and the costs of running the business, from the money they've made (premiums collected, investments, and any other sources of income) and pays out any net profit as a dividend.

However, the more complete answer to this question is that premiums may only be deducted as expenses in certain limited circumstances involving business expenses.

Life insurance premiums are deductible as a business - related expense, and the death benefit is generally tax - free for individual policy owners.

Features * Liability limits up to $ 1 million * Business property protection up to $ 100,000 (with $ 250 deductible) * Optional coverage for money and securities * Electronic data processing coverage * Loss of income coverage * Optional Identity Fraud Expense Coverage * Premiums starting as low as $ 150 annually

If the company pays some or all of the premiums, it may be possible to deduct the policy costs as a business expense.

«Review of the «Assurance of Discontinuance» provides rich, indeed stunning, detail into how business was done at the expense of corporate policyholders in particular whose premiums were sufficiently large as to make bid - rigging, kickbacks, lying, and cheating lucrative for the participants — both the individuals whose bonuses and power reflected their success in business and the companies that employed them that generated large premiums from the widespread conspiracy and corruption endemic to the top - tier of the insurance brokerage industry and the insurers that paid them.»

As the title suggests, the authors argue that clients are increasingly searching for value and efficiency at the expense of big law firms that rely on their brand alone to attract and retain business at premium rates.

Life insurance premiums paid on a key employee by a company do not qualify as a deductible business operating expense.

While you should always check with your tax professional, life insurance purchased on a key individual, with premiums paid by the business and the business named as beneficiary, can be a tax deductible expense for the business.

Should you, as the business owner, be unable to work due to sickness or injury, a BOE policy will pay your business expenses (such as a lease / mortgage, payroll, other insurance premiums, etc.).

Business Overhead will reimburse your business for deductible overhead expenses that occur even while you are disabled such as employee salaries, insurance premiums, lease payments and utBusiness Overhead will reimburse your business for deductible overhead expenses that occur even while you are disabled such as employee salaries, insurance premiums, lease payments and utbusiness for deductible overhead expenses that occur even while you are disabled such as employee salaries, insurance premiums, lease payments and utilities.

As a small business owner, any premiums you pay towards your employees» group health insurance coverage are deducted from your business taxes as a business expensAs a small business owner, any premiums you pay towards your employees» group health insurance coverage are deducted from your business taxes as a business expensas a business expense.

Therefore, policy premiums should not be deducted as a business expense.

Nor can you deduct the premiums as interest on business loans or as an expense of financing loans.

If an employer pays all or a portion of the tax - qualified LTCi premiums on behalf of an employee, the amount paid is deductible by the employer as a business expense.

For instance, life insurance premiums can be tax deductible as a business - related expense.

As business owners we are famous for looking at expense from a tax deductible standpoint, but with life insurance deducting premiums as an expense can ruin the tax free status of the death benefiAs business owners we are famous for looking at expense from a tax deductible standpoint, but with life insurance deducting premiums as an expense can ruin the tax free status of the death benefias an expense can ruin the tax free status of the death benefit.

Amount paid towards premium may be treated as business expenses and is eligible for tax benefit

However, if you employee reimburses you for your auto insurance premium costs, which they often do, then you can not claim these as a «business expenses» on your tax forms.

* Premiums paid by the master policyholder are tax deductible as business expense (section 37 of Income Tax Act, 1961) and are not taxable as a perquisite in the hands of the member.

However, the more complete answer to this question is that premiums may only be deducted as expenses in certain limited circumstances involving business expenses.

But if a business paid the premiums and deducted the premiums as an operating expense, then the life insurance proceeds would be taxable to the beneficiary.

If the premiums for the policy were not deducted as a business expense then the income from the disability policy should be received tax free.

What is more, companies can claim the premium paid on such policies as a business expense.

This is tax efficient as the entire premium is treated as business expense.

Business people are famous for trying to deduct everything in their life but the IRS has deemed that if life insurance premiums are deducted as a business expense, the death benefit becomes Business people are famous for trying to deduct everything in their life but the IRS has deemed that if life insurance premiums are deducted as a business expense, the death benefit becomes business expense, the death benefit becomes taxable.

Your company can pay the premium and charge that as a business expense.

Midwest Steel Blanking (Lombard, IL) 07/2004 — 08/2008 Director of Operations • Oversaw daily operations and management of 40 employees including 2 project managers • Served as an advisor to the President on all critical and strategic issues • Led presentations to banks, governmental agencies, potential investors, and large volume customers • Oversaw production, maintenance, quality control, and all other dealings with all outside vendors • Negotiated all insurance policies and contracts concerning account receivables and insurance related claims • Developed the ISO 9000 quality manual and OSHA safety awareness programs, training, and documentation • Trained future managers of the company in professional skills, managerial decision making, and business communications • Designed and implemented a new inventory control systems for managing raw - material and finished - goods • Ensured cost control limiting the direct expenses incurred and indirect impacts such as inefficiencies, downtime, and waste • Over a 3 year period, reduced the account receivables insurance premium from $ 55K to $ 13K / year • Renegotiated all other insurance contracts for better coverage and reduced premiums by 20 % • Reduced «outside parts manufacturing» cost by 50 % • Maintained the cost of all supplies at the 2004 levels • Instituted production reporting and operational data analyses for decision making • Reduced down time by 60 %, overall operation's cost by 4.5 %, and scrap generation by 3 % • Developed ISO 9001 quality manuals and handled external annual audits • Introduced safety procedures and training programs

And since you've already compiled data on inflation and other aspects of the economy for your company reports, you can supply this information to them, as well as the hard - dollar costs on their business expenses, such as their E&O insurance premiums.

Explain that your own expenses are going up, and cite specific examples such as maintenance costs, utilities, property taxes, insurance premiums, or other aspects of your rental business.