Life insurers seek bigger tax deductions for holders, NATIONNARANART PHUANGKANOK
which are: income tax exemption from the insurance companies engaged in the agriculture and animal husbandry insurance business; exemption from business tax; from January 1, 1994 onwards, the premium income of the insurance company's annual life insurance business is exempt from business ...
Self-employed people can generally deduct 100% of the health insurance premiums they pay for themselves, their spouses, and dependents, as long as they’re not eligible for coverage through an employer-sponsored health plan. Your business and deductions There’s something special about being ...
b. What are the advantages and disadvantages of reinstating a lapsed life insurance policy? What is the difference between deductions for adjusted gross income (AGI) and deductions from AGI? Which type of deduction provides the g...
Ensure you are up to speed on all thetax deductions when selling a home. Private Mortgage Insurance (PMI) Homebuyers who cannot pay a complete 20% down payment on a property are usually required to carry what’s known asprivate mortgage insurance. ...
5. Benefits for Employees If your small business has employees, you can write off the costs of your employment benefits program as a self-employed professional. Tax deductions for employee benefits can include health insurance, life insurance, accident insurance and education assistance. ...
Medical and dental insurance premiums that you pay yourself (e.g., not paid through payroll deductions) are generally eligible for the medical expense deduction. But you usually can’t deduct them because of the 7.5%-of-AGI limit (see above). ...
Tax credits reduce your tax liability dollar for dollar, while tax deductions reduce your taxable income.
Insurance Legal and professional fees License and regulatory fees Loan interest Pass-through tax deduction Repair and maintenance Taxes (local, sales, and property taxes) Vehicle expenses Startup costs23 The rules for many of these deductions are complex, particularly for shoestring operations. Vehicle...
5. Tax Deductions for Medical Expenses Medical expenses exceeding 7.5% of your AGI are deductible. So, for example, if your AGI is $50,000, you can only deduct the portion of your medical expenses over $3,750. If your insurance company reimburses you for any of your expenses, that ...