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#1
03-08-2005, 09:37 AM
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 Re: Health insurance deduction "lgray.nospam[at]noshelfware.com" <lgray.nospam[at]noshelfware.com> wrote: - quote - > I started an LLC last year as the sole member, but the
Life insurance premiums are never deductible by anyone> business never got off the ground and had no income. I paid > part of my life insurance premiums from the LLC's checking > account. The rest were paid from my personal checking. > I can't deduct the premiums paid from the LLC as a business > expense, since I had no income. Can I deduct the those paid > out of the business account as a standard personal > deduction? It's all my money. (except when included as compensation to an employee on their W-2). -- Tom Healy, CPA Boulder, CO Web: http://www.tomhealycpa.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-08-2005, 09:17 AM
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| Re: Health insurance deduction <lgray.nospam[at]noshelfware.com> wrote - quote - > I started an LLC last year as the sole member, but the
Life insurance premiums are not deductible.> business never got off the ground and had no income. I paid > part of my life insurance premiums from the LLC's checking > account. The rest were paid from my personal checking. > I can't deduct the premiums paid from the LLC as a business > expense, since I had no income. Can I deduct the those paid > out of the business account as a standard personal > deduction? It's all my money. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-07-2005, 10:26 AM
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| Health insurance deduction I started an LLC last year as the sole member, but the business never got off the ground and had no income. I paid part of my life insurance premiums from the LLC's checking account. The rest were paid from my personal checking. I can't deduct the premiums paid from the LLC as a business expense, since I had no income. Can I deduct the those paid out of the business account as a standard personal deduction? It's all my money. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deduction, health, insurance |
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