when having your own business, can you write your liability insurance cost off for your taxes?

April 16, 2011 1:01 am

liability insurance

when having your own business, can you write your liability insurance cost off for your taxes?

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Comments

  1. sanbox69 on April 16, 2011 at 1:07 am said:

    Well, insurance expense reduces net income, which reduces taxes. So, while you can’t “write it off”, it will lower your taxes.

  2. pathfinder on April 16, 2011 at 1:41 am said:

    Bus. insurance is a legaitimate deduction as business expense.

  3. J. Charles on April 16, 2011 at 2:18 am said:

    Of Course it’s an Expense to Your Business!
    Get a Good Tax Specialist in your Team-They can save you heaps of Cash!!

  4. bostonianinmo on April 16, 2011 at 2:24 am said:

    Yes, business liability insurance is a legitimate business deduction. Personal liability insurance is not.

  5. gorgeousred on April 16, 2011 at 3:11 am said:

    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!

  6. john b on April 16, 2011 at 3:59 am said:

    Yes, that is considered to be a deductible business expense.

  7. scottFL007 on April 16, 2011 at 4:51 am said:

    Of course, if it is a business expense you can. Your personal insurance, no.

  8. Caveman on April 16, 2011 at 5:15 am said:

    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.

  9. V JAYASREE K on April 16, 2011 at 5:22 am said:

    yes we can but not on cost of taxes but more than that

  10. bobthrash on April 16, 2011 at 6:21 am said:

    You did not say what type of liability insurance? Professional liability insurance is a legitimate business expense, also auto and property liability is legitimate.

  11. no.#1 Mom on April 16, 2011 at 6:45 am said:

    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.