23 Tax Write-Offs for Independent Insurance Agents
NAICS business codeYour NAICS business code is a six-digit string of numbers that shows the type of work your business does. NAICS stands for North American Industry Classification System. When you do your taxes, you'll enter it in Box B of your Schedule C.524210
Reviewed bya tax professionalThis content has been reviewed by an Enrolled Agent (EA) with the IRS — the highest credential awarded by the agency. Enrolled Agents are empowered to represent all taxpayers before the IRS, on all types of tax-related matters. Accountants who earn this certification have passed a comprehensive three-part exam on individual and business tax returns. To maintain EA status, they must stay up to date in the field by completing 72 hours of continuing education every three years.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!
Deduct anything you buy for your office, like pens, binders, folders, printer ink, or a whiteboard.
Fees to renew your license to perform your work are fully deductible.
Tickets and entry fees to networking events to grow your client base can be written off.
Business cards, postcards, and other materials used to promote yourself are deductible.
Print and online advertising costs for your business are considered write-offs.
Commissions you pay to employees or other agents are fully deductible business expenses.
Classes you take to enhance your skills after getting your license are tax write-offs.
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 is 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!
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 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, this includes 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? Your water bill counts.
Your Comcast bill is a tax write-off. You need internet to do your job!
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