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 bySabrina Wiechart, CPASabrina is a Certified Public Accountant (CPA) with over 15 years of experience in tax preparation, planning, and S-Corp compliance. She holds a Master’s in Accounting and specializes in helping self-employed individuals make smart tax decisions. Sabrina is passionate about simplifying the S-Corp process and making sure every client keeps more of what they earn.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.
This covers training that maintains or improves skills for the work you already do. Courses that qualify you for a new trade or profession are not deductible.
Errors and omissions coverage protects you when a client claims your advice or work caused them a loss — the premiums are deductible.
Protecting yourself and your business with liability insurance? It's a write-off.
Squarespace, Wix, GoDaddy, and other website service fees are fully tax-deductible.
If you belong to any professional organizations, you can write off the dues.
The share of your dues that goes toward lobbying isn't deductible — your organization can tell you what percentage that is.
The cut Stripe, PayPal, Square or your invoicing platform takes on each payment is a write-off.
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 — if you use the actual expense method. The standard mileage rate already covers them.
Oil changes, repairs, and regular checkups are deductible if you use the actual expense method. Take the standard mileage rate instead and they're already baked into your per-mile deduction.
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 — 50% of the tab.
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, your meals are 50% deductible — takeout included. (Long-haul truck drivers subject to DOT hours-of-service rules can deduct 80%.)
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. Anything over about $2,500 gets depreciated on Form 4562 instead of written off all at once.
Repairs just for your home office are 100% deductible. Repairs to the rest of your home count too, prorated by your business-use percentage on Form 8829.
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.
You need internet to do your job! If you claim a home office, deduct it prorated on Form 8829 along with your other utilities. Internet you pay for on the road, purely for work, is 100% deductible.
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