Schedule C Expenses - Insurance (Other Than Health)

Article ID: 33324  

Question
Schedule C Expenses - Insurance (Other Than Health)

Answer
Deduct premiums paid for business insurance. Do not deduct amounts paid for employee accident and health insurance as these are employee benefit program expenses. Do not deduct amounts credited to a reserve for self-insurance or premiums paid for a policy that pays for your lost earnings due to sickness or disability.
For details, see Chapter 6 of  IRS Publication 535.

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Views: 1951 Created on: Jun 15, 2013