A Q from PaulM tax deductions for sole props

Admin wrote:

Thank you for the forum correspondence so far.
 
I need to confirm the following:
 
I am a Sole Proprietor.
 
I have a 3 year old Liberty life policy on my life.
 
I am the owner, insured and payer. My wife is the beneficiary.
 
I would love to deduct the premiums from my sole prop income statement.
 
Would I be allowed?

Hallo Paul
 
Running a business as a sole proprietor means that the business is not a legal entity (like a private company or close corporation) separate from yourself.
This being so, you will not be able to deduct the premiums on your policy for income tax purposes.
Depending on the nature of your business, you may want to investigate the possibility of running your business in a more formalized entity like a private company.
This often has certain tax advantages and could also contribute to continuity on your demise.
 
You are most welcome to contact me should you have any further questions.

Thank you for the forum correspondence so far.
 
I need to confirm the following:
 
I am a Sole Proprietor.
 
I have a 3 year old Liberty life policy on my life.
 
I am the owner, insured and payer. My wife is the beneficiary.
 
I would love to deduct the premiums from my sole prop income statement.
 
Would I be allowed?