Insurance agents know the value of protecting against future disaster. That’s why the savvy self-employed ones make sure to write all their business expenses off on their taxes — after all, you never know when you’re going to need that financial cushion.
From advertising costs to continued education fees, we’ve gathered the best write-offs for independent insurance agents in one place, so you don’t need to shop around to find your best tax policy. Talk about protection!
If you drive for work ...
If you drive a car for your insurance work, like to meet with a client, drop forms off at the post office, or pick up office supplies, a portion of all your car expenses are deductible.
Parking for a meeting downtown, or any other work trip, is tax-deductible!
A toll while driving to or from a work destination is tax-deductible!
Car purchase & depreciation
If you buy a new car, you can write off part of the cost every year for five years.
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Car insurance & registration
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
If you discuss work at a restaurant ...
As a rule of thumb, a restaurant visit is considered a business expense if the goal was to generate income for your business.
For example, going for dinner with actuaries, fellow insurance agents, or current or potential clients to talk about work.
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
If you leave town for work ...
When you venture out of town for work, such as attending an insurance conference, networking event, or client meeting, you're free to use your travel costs as a business deduction.
Planes, trains, and car rentals are all work-related travel costs that can be written off.
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.
When you're traveling for work, all meals are tax-deductible. Even takeout!
If you work from home ...
Ensure that you remember to write off your home office expenses if you work from home on things like client development, lead generation, industry research, finance management, or advertising.
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
You can write off up to $2,500 for individual repairs to your property.
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
It'd be hard to work in an office without running water, huh? You water bill counts.
Your Comcast bill is a tax write-off. You need internet to do your job!