According to the Internal Revenue Service (IRS), life insurance premiums are generally not deductible on Schedule C. Life insurance premiums are considered personal expenses and are not directly related to the operation of a business. Therefore, they are not eligible for deduction on Schedule C, which is used to report business income and expenses.
However, there are some exceptions to this general rule. In certain cases, life insurance premiums may be deductible if they are directly related to the business and meet certain criteria. For example, if the life insurance policy is taken out to secure a business loan or to fund a buy-sell agreement for a business partnership, the premiums may be deductible as a business expense.
It's important to consult with a tax professional or refer to the IRS guidelines for specific details and requirements regarding the deductibility of life insurance premiums on Schedule C. They can provide personalized advice based on your individual circumstances and help ensure that you are in compliance with tax regulations.