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.
