1099 CRNA Institute: Thrive as your own boss-Don't Deduct Disability Insurance Premiums!

Video Transcription

Video Summary

Ms. Pierce and Jeremy discuss the importance of CRNAs having disability insurance to protect their income in case of disability. They emphasize the need to prioritize insuring oneself as the primary money-maker. By deducting premiums, CRNAs can ensure tax-free benefits if they become disabled. It's crucial to understand the implications of deducting or not deducting premiums on the taxable benefits received during disability. The advice is to secure disability insurance while young to lock in lower premiums and ensure financial stability in case of unforeseen circumstances, urging thorough consideration and understanding of insurance policies for long-term financial security.

Asset Subtitle

Disability insurance premiums for a 1099 independent contractor Certified Registered Nurse Anesthetist (CRNA) are not deductible as a business expense on your tax return. Disability insurance premiums are considered a personal expense and are not directly related to your CRNA business operations.

While disability insurance provides crucial protection for your income in the event you become disabled and unable to work, it is not a deductible business expense like other business-related costs. Let us explain why.

Keywords

CRNAs

disability insurance

income protection

tax-free benefits

insurance policies