Is the business expense for insurance tax deductible?

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Blake 0 Comments

Do you know if the expense that a company incurs for insurance is allowed for tax purposes? Is it fully tax deductible and kind of insurance policies are included in the allowed expenses for tax purposes?

1 Answer

score 0 · Answer 1 · 2012-12-02T21:41:05+00:00

Yes, insurance costs for your business are generally fully tax deductible. There are some exceptions for example self-insurance or insurance for loss of earnings. You can find more details on the IRS website :
http://www.irs.gov/publications/p535/ch06.html