Deduct Insurance Premiums on 2009 Taxes
Gregory Boop from About.com recently posted an article reminding Business owners that some, if not all, of their business insurance premiums can possibly be deducted on 2009′s tax returns.
(DISCLAIMER: I am not a tax professional and I highly recommend you consult a tax professional on any and all tax related matters).
Keeping accurate and current records of your Health Insurance, Health Savings Accounts (HRA, FSA, HSA), Life Insurance, Key-Man Insurance, Liability Insurance, Workers Compensation, and other premiums paid is crucial during tax time. Writing these business expenses off your taxes can mean thousands of dollars you don’t owe to the Federal Government (As if they don’t already take enough).
Please, consult with your accountant and/or accounting department to better understand the ramifications of these write-offs.
Another quality source of information is the IRS – Tax Information for Businesses page.
“If you’d like to talk about your Insurance Risk, contact me today. We can talk about your exposure, and begin our relationship!”
Thank you,
Ryan H.
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