2007-01-31 01:41:07 · 11 answers · asked by twatwaffle 3 in Business & Finance ➔ Taxes ➔ United States
It is absolutely essential that you get a respected tax team to help you with your business filing. NEVER do your own business taxes! It's equivalent to acting as your own attorney--Oh, and BTW, you can write it off.
Good luck to you!
2007-01-31 01:49:26 · answer #1 · answered by Anonymous · 0⤊ 1⤋
You can only write off your business liability. If you have a policy that covers both your business and personal, talk to your insurance man. There may be a portion that you may deduct, but normally policies are not written like that.
2007-01-31 09:50:39 · answer #2 · answered by Caveman 5 · 0⤊ 0⤋
Yes, business liability insurance is a legitimate business deduction. Personal liability insurance is not.
2007-01-31 09:48:57 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
You did not say what type of liability insurance? Professional liability insurance is a legitimate business expense, also auto and property liability is legitimate.
2007-01-31 09:52:16 · answer #4 · answered by bobthrash 2 · 0⤊ 0⤋
Of Course it's an Expense to Your Business!
Get a Good Tax Specialist in your Team-They can save you heaps of Cash!!
2007-01-31 09:46:26 · answer #5 · answered by J. Charles 6 · 0⤊ 0⤋
Bus. insurance is a legaitimate deduction as business expense.
2007-01-31 09:46:22 · answer #6 · answered by WC 7 · 0⤊ 1⤋
If you are talking about vehicle lns. the only way you can claim it is if you use it for business. You have to prove that you use it this. The way you prove is keep a record of mileage/reciepts for gas. My husband is a subcontractor and we have been doing this for 6 years now. Trust me it works if you keep track of both, because that is also deductable and which ever totals higher in price is what you deduct.
2007-01-31 10:01:32 · answer #7 · answered by no.#1 Mom 4 · 0⤊ 1⤋
Of course, if it is a business expense you can. Your personal insurance, no.
2007-01-31 09:49:36 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Yes, that is considered to be a deductible business expense.
2007-01-31 09:49:35 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Well, insurance expense reduces net income, which reduces taxes. So, while you can't "write it off", it will lower your taxes.
2007-01-31 09:45:38 · answer #10 · answered by Anonymous · 1⤊ 2⤋