Many business owners ask about the expenses that can be deducted from their taxes. One common deduction that business owners can take advantage of is business insurance. If your business expenses are ordinary and necessary, then your business insurance can be deducted from your taxes. This includes premiums for general liability, property damage, workers compensation insurance, and automobile insurance. However, there are certain types of business insurance that cannot be deducted. Premiums for loan protection insurance and a disability insurance policy that covers your lost income are two examples of the types of insurance that usually cannot be deducted. Now, if you have questions about whether or not your business insurance can be deducted, it’s best to speak with your insurance agent. They will be able to give you the most accurate information based on your individual business situation.
We’d be happy to review your insurance coverage options with you! Give us a call at 440-729-4042 or visit https://luczkowskiagency.com.