What Types of Insurance Premiums Are Tax Deductible?

By: SmartFinancial
NEWPORT BEACH, Calif. - March 12, 2024 - PRLog --
  • Auto insurance is tax deductible if you use your car for business, charity, medical or military moving purposes.
  • Homeowners insurance is tax deductible if you are self-employed and have a home office or own a rental property.
  • You may be able to deduct health insurance costs from your taxes if you are self-employed or if your deductible medical expenses are higher than 7.5% of your adjusted gross income.
  • In general, individuals can only deduct life insurance premiums if they donate the policy to a charity and neither they nor their family members are beneficiaries of the policy.
  • Business owners can deduct numerous types of insurance premiums including liability, property and worker's compensation insurance.

Car insurance premiums are tax deductible along with other vehicle expenses like gasoline and car repairs for self-employed people, military reservists, qualified performing artists and fee-basis government officials who use their vehicles for business purposes.[1]

If you use an employer-provided car to conduct commercial activities but don't fit into any of those categories, then your vehicle expenses are only tax deductible if your employer doesn't reimburse you for them.

For the full article which delves further into car insurance and also commercial, homeowners, life, health and other insurance products which may be tax deductible visit https://smartfinancial.com/tax-insurance-deductible-guide

Fran Majidi
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Tags:Tax Deductions
Location:Newport Beach - California - United States
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