March 28, 2024
Ever thought discussing officer's life insurance could be as exhilarating as a surprise audit? Neither did I! But here we are, about to take a wild ride through the thrilling world of tax deductions with your guide, Donna Bordeaux from Calculated Moves. Strap in, tax adventurers, as we unravel the enigma wrapped in a riddle—can you deduct officer's life insurance premiums?
Like a plot twist in a financial thriller, the answer isn't as straightforward as you'd hope. It's a saga of give-and-take in the tax realm, where claiming a deduction means someone's in for a taxable income surprise. Picture this: deducting your officer's life insurance premiums today could turn into a taxing cliffhanger for the beneficiary tomorrow.
With an example that hits closer to home than the IRS on speed dial, imagine saving a modest $500 on taxes now, only to saddle your spouse with a tax-laden $1 million payout later. It’s like choosing between eating your marshmallow now or waiting to get two—except in this version, the marshmallow might just come back to haunt you.
But fear not! There's a method to the madness, and sometimes, under the right spotlight, those premiums can morph into deductible stars, especially if your business is poised to inherit the benefits. Just remember, in the grand theatre of tax planning, the plot always thickens.
Ready to decode more tax mysteries without putting your sanity on the line? Join Donna and her band of tax-savvy musketeers at Campground Accounting as they lead you through the fiscal forest, making sure life's big surprises don't include an unexpected tax bill.
Please follow us on Facebook and Instagram. Please make sure to check out our blog and our website link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. You can email me at donna@campgroundaccounting.com.
Donna Bordeaux, CPA with Campground Accounting
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.