Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-31-2014, 03:18 PM
Junior Member
 
Join Date: Mar 2014
Posts: 2
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?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-31-2014, 10:33 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
disability income moldmaker12 Income 1 01-30-2014 03:52 PM
Disability freelson Oregon 0 03-23-2011 04:46 PM
do I have to file if i only get a disability check from military maryreed09 Income 0 03-01-2010 04:25 PM
Repayment of disability benefit vchindavong Income 0 03-01-2009 11:14 PM
Child on Disability in California 89alumni Income 1 01-11-2009 11:49 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.