E209: How to Deduct Policy Loan Interest from Your Taxes and Save Money
In this episode, Nate shares when and how to deduct interest paid on life insurance policy loans. Many assume it’s not possible, but under certain circumstances, the interest can become a business expense.
Learn the critical details that make policy loan interest tax deductible when used for specific purposes. This unique strategy allows you to earn tax-deferred growth in your policy while writing off interest costs.
Get clarity on ideal scenarios to maximize deductions, like using separate policies for personal and business needs. Plus, you’ll hear tips to simplify accounting and create a clean paper trail. Whether commingling funds or segregating accounts, you’ll learn straightforward methods to track deductible interest.
Let this benefit-driven episode open your eyes to little-known ways to leverage policy loans.
Topics Discussed:
- Unlock Tax Savings: How policy loan interest can be deductible
- Revealed: Unique tax strategies exclusive to life insurance
- Myths Exposed: Common myths about deducting policy loan interest
- Uncover When: Scenarios where interest write-offs apply
- Demystify How: General provisions that enable deductions
- Clarify Accounting: Simple accounting tips to maximize deductions
- Illuminate Policy Types: The power of segregating policy types
- Elucidate Records: Maintaining clean paper trails for transparency
- Shed light: Managing commingled policy uses
- Make it Simple: Treating loans as interest-only for simplicity
- Managing Tax Burdens: The advantages of tax-deferred growth
- Use Loans for Advantage: Surprising ways to leverage policy loans
Do you get value out of the show? Please consider giving Dollars and Nonsense a five-star review on Apple Podcasts.
Episode Resources:
- Gain FREE access to our Beginner’s Course here now
- What is Infinite Banking
- Who was Nelson Nash?
- CREDIT: Episode art background photo by Olav Ahrens Røtne
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E208: How Entrepreneur Caleb Guilliams of BetterWealth Used Infinite Banking to Help Power His Journey
In this episode, host Nate sits down with Caleb Guilliams of BetterWealth, an expert in maximizing financial control. Caleb shares his journey to understanding the Infinite Banking Concept.
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E205: How to Avoid the Love of Money to Finally Live a Fulfilling Life
This liberating episode flips the script on conventional wisdom about wealth and offers hope for breaking free from the idolization of money. Discover why traditional retirement planning breeds fear and greed-fueled discontentment, leaving you spiritually bankrupt.
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E193: Learn Why Default Choices Hold You Back from Achieving Your Wealth Goals
The default option in every area of life is always the most expensive option.
In this episode, Nate discusses how to forge a compelling future by paving your own path instead of taking the default options that society presents us with.
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E151: The Two Big Ways Recessions Impact Your Money and Personal Economics
In this episode, we discussed the two big ways recessions negatively impact your economy and how you can set yourself up to thrive during a recession.
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E138: Why People Who Keep Money in Motion Grow Wealth Faster
In this episode, we discuss how keeping money in motion is better to build wealth than conventional wisdom. The convention focuses on storing money up in accounts for decades without ever getting your hands on it. Instead, we say put your money to work today; maybe even make it get a second or third job.
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E137: Do You Need an Emergency Fund or is there Something Much Better?
In this episode, we discussed the question, “do I really need an emergency fund?”
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E134: Is an Investment Rate of Return Bias Leading You Astray Here?
In this episode, we discuss how focusing on the rate of return can be very misleading. We’ll also share how using the infinite banking process can help you make more money on every investment opportunity that comes your way.
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E133: Think You’re Not Financing When You Pay with Cash? Think Again
In this episode, we discuss the economic fact that you finance everything you buy, even when you pay cash. We also demonstrate how you can profit from everything you purchase using the same strategy and tools of some of the wealthiest people in recent history.
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E128: How to Know if Investing in a 401K is Best For You
In this episode, we discuss how you can determine whether or not it makes sense for you to invest in a 401k. This speaks to the more common question people have of, “What should I be doing with my money?”
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