Year-End Tax Planning Tip: Deduct Insurance Premiums

Your company may be able to deduct as a business expense the insurance premiums that have been paid throughout the year for various types of insurance coverage, such as fire, theft, flood, casualty, employee group medical, business liability, professional malpractice, errors and omission, business interruption, business umbrella, auto insurance on business vehicles, and credit insurance.

Self-employed individuals also can deduct as an adjustment to gross income on Form 1040, line 29, 100% of their health insurance premiums paid.

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