Nine Star Broking Pvt Ltd’s Post

You can claim a life insurance premium tax deduction of Rs. 1.5 Lacs from your net taxable income on premiums paid towards the life insurance policy of self, children, or partner. Also, invest UpTo ₹7.5L/year (₹5L in Traditional & ₹2.5L in ULIP) in Life insurance and avail the tax free returns. #insurance #simplifyinginsurance #pbpartners #policybazaar

🚨 Important Update for Those on Marketplace Insurance 🚨 If you’re currently paying a low premium for health insurance through the marketplace, but your income is higher than the subsidy threshold, you might be in for a surprise during tax season. 📊💸 When you file your taxes, you may be required to repay part—or all—of the subsidy you received if your income exceeds the qualifying limit. This could lead to unexpected penalties. 😬 Want to avoid this? Let’s review your options and find the right plan for your income level. 📞 Message me today for a free consultation and let’s make sure you're not caught off guard! 💡 #TaxPenalties #HealthInsuranceAwareness #PlanSmart

The government offers a tax deduction under Section 80D of the Income Tax Act for health insurance premiums. This means you can reduce your taxable income by the amount you pay for health insurance, potentially lowering your tax liability. Our Partner, Mr. Vipul Jai shares his views with Business Standard in the news, "Not just 80C: You can claim Rs 75,000 as deductions with health insurance premiums too." Read more at :- https://lnkd.in/g-rbmWnY #knowledgesharing #lawfirm #legaladvice #legalupdates #taxation #taxsaving #healthcare #insurance #pslchambers

Utilize your insurance premiums to save on taxes. Deduct up to Rs. 40,000 for life insurance, Rs. 20,000 for health insurance, and Rs. 5,000 for home insurance annually. Lower your tax liability and secure your financial future! 💰 #taxtiptuesday #taxtips #financialplanning #taxsavings #KBC #kathmandubusinessconsultants

Your business may be able to deduct insurance premiums paid as long as they are an expense that is considered both ordinary (i.e., common and accepted in your field of business) and necessary (i.e., appropriate and helpful for your business). However, if your business is the beneficiary of a life insurance policy (either directly or indirectly), it can't deduct the life insurance premiums it pays on behalf of an owner, employee, or any person who has a financial interest in the business. Not sure? Call Lesemann CPAs at 704-895-6966. We ensure our clients get every legally available deduction. #insurance #taxdeductions #taxstrategy #businesstaxes #cpa

💵 Generally, life insurance death benefits are not taxed. The beneficiaries receive the payout tax-free. However, if the benefit is paid out in installments or interest accumulates, the interest portion may be taxable. When policyholders surrender their policy for cash value, any amount exceeding the premiums paid is considered taxable income. Additionally, if you transfer your policy to another person for value, the death benefit may be subject to taxes. It's crucial to consult with a professional local insurer or a tax advisor to look into specific situations, as tax laws can be complex and vary from state to state. 👉 Marble City Insurance will help you select the optimal individualized life coverage. Along the way, we will explain to you the peculiarities of this type of insurance to help you understand it better. Contact us today at https://lnkd.in/dm9iH9RP. #MarbleCityInsurance #insurance #insurancematters #insuranceawareness #carinsurance #homeinsurance #businessinsurance #lifeinsurance

Your business may be able to deduct insurance premiums paid as long as they are an expense that is considered both ordinary (i.e., common and accepted in your field of business) and necessary (i.e., appropriate and helpful for your business). However, if your business is the beneficiary of a life insurance policy (either directly or indirectly), it can't deduct the life insurance premiums it pays on behalf of an owner, employee, or any person who has a financial interest in the business. Not sure? Call Lesemann CPAs at 704-895-6966. We ensure our clients get every legally available deduction. #insurance #taxdeductions #taxstrategy #businesstaxes #cpa

Managing Health Insurance Tax Credits 🤑 If your income fluctuates during the year, be sure to update your marketplace application so you receive the correct tax credit. 💳 The key is staying on top of your income changes and communicating them to your agent. This will help you maximize your savings throughout the year! 💰 #HealthInsurance #TaxCredits #FinancialPlanning #malmins

Code Sec. 101(a)(1) provides the general rule that life insurance benefits are received income tax-free. However, any transfer of a policy for valuable consideration must meet two tests to determine whether the policy retains its income tax-free character. Check out this article for more details: #lifeinsurance #taxfree #transfersforvalue #reportablepolicysale