Can Life Insurance Be Deducted As A Business Expense?

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   Christopher Lawrence

   Insurance Broker | Financial Consultant, Lawrence Insurance Consulting, Southern New Jersey

   Group term life policies can be deducted if the amount of coverage is $50,000 or less. If the amount of coverage is greater then $50,000 then group term life insurance is subject to social security and medicare taxes but not FUTA taxes or income tax withholding, even when benefits are provided as a qualified benefit in a section 125 cafeteria plan.

   Answered on October 1, 2013

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