Is your insurance tax-deductible? Here are 4 situations where it could be [CNBC]
Uber Technologies, Inc. (UBER)
Last uber technologies, inc. earnings: 2/6 04:05 pm
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Source: CNBC
Insurance has become a high cost for many Americans . And unlike other expenses, these aren't amounts most people can write off on their taxes. However, if you're self-employed or have rental income, your situation may differ, said Hannah Cole, an enrolled agent and founder of small-business tax consulting firm Sunlight Tax in Asheville, North Carolina. After all, insurance can help protect your business. She added that eligible expenses vary by your business's unique needs. “The IRS deduction rules for businesses say it has to be ordinary and necessary,” she said, noting that this can include a wide variety of expenses, from operating costs needed to keep your business running to voluntary ones that would help your business grow. While this means you may need to make some changes to your tax filing, it also allows you to deduct business-related expenses from your income, including some or all of your insurance premiums. Here are some common scenarios and what insurance is ta
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