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Loan Mart Class Action Lawsuit

Basically, because it is a benefit for the lender, not the business while you usually have to pay tax on Business Loan Protection premiums, the payout is typically received free from any tax

Posted by on May 5, 2020 at 12:24 pm

Considering that the insurance coverage just isn’t theoretically for the benefit of the company (instead it’s the loan provider that will get the funds and whoever money are at danger), company Loan insurance costs aren’t typically tax-deductible as a small business cost.