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Tuesday, Dec. 27

Expenses – Deductible Insurance Expenses, #108

Generally, you may deduct the ordinary and necessary cost of insurance as a business expense if it is for your trade, business or profession. However, in some circumstances, you might have to capitalize certain insurance costs under the IRS’ uniform capitalization rules. The following types of insurance premiums are tax deductible: 1. Disability Income Insurance As a successful business owner, you know that if you become sick or injured and cannot work, you…

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