2025 Tax Guides
Below are two tax guides for your reference:
Life Insurance Taxation
The proceeds from a life insurance policy are rarely income taxed or tax deductible. In a business setting, life insurance may be deductible when used as part of an executive bonus plan. For any business owned life insurance, you must comply with the EOLI laws. Our Employer Owned Life Insurance Kit is available upon request.
Long Term Care Taxation
There are government limits that take into account your overall income which may allow you to deduct some of the premium on a traditional LTC plan. Hybrid products may have some deductibility especially when used in a business setting. For a business owner, a C-corporation owner can deduct certain hybrid LTC products based upon how they were filed.
Annuity Taxation
Annuity Distribution Taxation Guide
Disability Taxation
Disability benefits are taxed only when premiums are paid with pre-tax dollars. This can often occur when an employer is paying for group long-term disability insurance on an employee or owner.