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.
If you have questions about starting, growing, protecting, or selling your small business, please contact us. As a CPA, Certified Business Advisor, Small Business Consultant, and Advanced Certified QuickBooks ProAdvisor, we specialize in working with small business owners just like you and provide tax, accounting, financial analysis, management, business planning, and small business advisory services. We can advise you on how to start, manage, grow, and terminate a small business. For more information, call (727) 391-7373 or else visit us on the web at http://www.LindaStortzCPA.com.