Protecting Those Who Matter Most The slideshow presentation that you would like to view is too large for your current screen resolution. Click here to view to view the slideshow at full resolution. Launch Presentation » Related Content When Life Insurance Becomes Taxable Life insurance proceeds are generally tax-free. But not in all cases. Federal Income Tax Use this calculator to estimate your income tax liability along with average and marginal tax rates. Keeping Good Records is Good Business Maintaining good records for your business not only helps to meet your tax and legal obligations, but it can save you money.