Small Business: What expenses can I deduct from tax payments? Self-employed individuals face significant expenses to develop their business: equipment purchases, raw materials, rent, and insurance payments. One of the least desirable expenses for anyone is paying taxes to the Internal Revenue Service (IRS).
That’s why, during tax season, the most common question is: What expenses can I deduct? In other words, how much money can I save on tax payments?
Many freelancers are surprised to learn they can deduct insurance-related expenses, including health insurance.
Indeed, if you work for yourself, you can deduct the premiums you’ve paid throughout the year for health and dental insurance. And it’s not just for yourself but also for your spouse and dependent children. If you receive a subsidy, like many people through Obamacare, you can only deduct the part you pay out of your pocket, not the total premium amount.
On the other hand, freelance workers can also deduct expenses related to commercial insurance, such as General Liability Insurance or credit insurance.
As tax matters can be pretty complex for freelancers and small businesses, it’s best to talk to your tax advisor and let them know you want to deduct all possible expenses, including those related to your commercial and health insurance.
Remember that at Univista Insurance, you can get the commercial insurance that best protects your investments and business. Small Business: What expenses can I deduct from tax payments?
Call us today for a comprehensive assessment! 305-728-2088. You can also get a free quote here.
