I have an LLC and i am looking for additional tax deductible expenses. I found a whole life insurance product that also grows by investing. Can i use company contributions to fund the premiums such a life insurance.
I am a single employee LLC. I generate a W2 for my self and it is approximately 45% of my revenue and i also fund a solo 401k . After this i have significant profits that will pass through the K1 to me.
I am looking to see if this is legal. Please advise.
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Regarding life insurance as a deductible business expense:
https://www.irs.gov/publications/p535#en_US_2018_publink1000208680
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