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Old 03-31-2014, 03:18 PM
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State Disability expense?

I have researched tax publications and can not find if a Self Employed individual can deduct as expense State Disability Insurance on himself (not an employee).
I see he can if Overhead Insurance and Business interruption insurance, but not State Disability Insurance. I see Nondeductible Premiums as Loss of earnings , cannot deduct that pays for lost earning due to sickness or disability. Is this just another wording of State Disability Insurance?



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Old 03-31-2014, 10:33 PM
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Quote:
Originally Posted by [email protected] View Post
I have researched tax publications and can not find if a Self Employed individual can deduct as expense State Disability Insurance on himself (not an employee).
I see he can if Overhead Insurance and Business interruption insurance, but not State Disability Insurance. I see Nondeductible Premiums as Loss of earnings , cannot deduct that pays for lost earning due to sickness or disability. Is this just another wording of State Disability Insurance?
I guess it depends;ingeenral, self employer cannot deduct disability insurance premiums because they are not a ddeductible medical expense reported on Sch A of 1040;aslongas the policy is to cover overhead during a disability, the policy could be deducted. But a policy that replaces income, as individual disability income insurance does, is not a deductible expense.



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