We know what your business means to you. Your drive, passion and determination helped make you into the successful business owner you are today. With that being said, ignoring the proper tax treatment of business insurance could hurt what you’ve worked so hard to build. At this moment, would you be able to list out the deductible businesses expenses allowed because of your business insurance? Which factors call for reimbursement or compensation?
In this article published in The Women’s Journal, it reminds business owners of this important point:
“Insurance can help protect your business from property damage, personal injury suits, and other forms of monetary loss or be viewed as an employee benefit. One of the issues business owners may face is knowing the proper tax treatment of business-related insurance.”
Be sure to check out this great article online. In the article you will learn more about how you could qualify for the different tax benefits that come from having business insurance, including:
- Ordinary/Necessary business expenses
- Life insurance premiums
- Casualty loss