Starting Your Business

What are Business Expenses

Insurance

You generally can deduct the ordinary and necessary cost of insurance as a business expense if it is for your trade, business, or profession.

For more information about deductible premiums, nondeductible premiums, capitalizing premiums and when to deduct premiums, see Publication 535, Business Expenses.

Important References:                                      

Publication 535                         Business Expenses
Schedule C (Form 1040)         Profit or Loss from Business
Instructions for Schedule C (Form 1040)