23 Tax Write-Offs for Independent Insurance Agents

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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!

📝
Office supplies
Write it off using:

Schedule C, Box 18

Deduct anything you buy for your office, like pens, binders, folders, printer ink, or a whiteboard.

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Licensing fees
Write it off using:

Schedule C, Box 23

Fees to get or renew your license to perform your work are fully deductible.

🎟️
Networking events
Write it off using:

Schedule C, Box 27a

Tickets and entry fees to networking events to grow your client base can be written off.

😎
Personal marketing materials
Write it off using:

Schedule C, Box 8

Business cards, postcards, and other materials used to promote yourself are deductible.

💬
Advertising
Write it off using:

Schedule C, Box 8

Print and online advertising costs for your business are considered write-offs.

💸
Commissions paid
Write it off using:

Schedule C, Box 10

Commissions you pay to employees or other agents are fully deductible business expenses.

🎓
Continued education
Write it off using:

Schedule C, Box 27a

Classes you take to enhance your skills after getting your license are tax write-offs.

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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.

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Parking
Write it off using:

Schedule C, Box 27a

Parking for a meeting downtown, or any other work trip, is tax-deductible!

🛣️
Tolls
Write it off using:

Schedule C, Box 27a

A toll while driving to or from a work destination is tax-deductible!

🚘
Car purchase & depreciation
Write it off using:

Schedule C, Box 13

If you buy a new car, you can write off part of the cost every year for five years.

🧰
Vehicle tool kit
Write it off using:

Schedule C, Box 22

Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.

☂️
Car insurance & registration
Write it off using:

Schedule C, Box 15

Car insurance monthly fees, registration, even roadside assistance are partially deductible.

🔧
Car maintenance
Write it off using:

Schedule C, Box 9

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.

🍔
Business meals
Write it off using:

Schedule C, Box 24b

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.

🛫
Transportation
Write it off using:

Schedule C, Box 24a

Planes, trains, and car rentals are all work-related travel costs that can be written off.

🏨
Travel lodging
Write it off using:

Schedule C, Box 24a

When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.

🥡
Meals while traveling
Write it off using:

Schedule C, Box 24a

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.

🛋️
Home office furniture
Write it off using:

Schedule C, Box 18

A desk, chairs, lamps, and other home office necessities are all tax write-offs.

🛠️
Property repairs
Write it off using:

Schedule C, Box 21

You can write off up to $2,500 for individual repairs to your property.

🔌
Power bill
Write it off using:

Form 8829

Gotta keep the lights on in your home office! A portion of your electricity bill counts.

🌪️
Property insurance
Write it off using:

Form 8829

Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.

🚰
Water bill
Write it off using:

Form 8829

It'd be hard to work in an office without running water, huh? You water bill counts.

🌐
Wi-Fi bill
Write it off using:

Schedule C, Box 25

Your Comcast bill is a tax write-off. You need internet to do your job!