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.
Disclaimer:
This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions take or not taken by the readers based upon such information.
Thank you,
Ryan H.
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Read my syndicated post on Health Insurance originally published to Under30CEO.com 4 Pieces of Advice on Health Insurance for Entrepreneurs.
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About Ryan Hanley
