Insurance: Premiums paid for various types of insurance coverage, such as liability insurance, property insurance, and business interruption insurance. Marketing and advertising: Costs related to promoting the business, including advertising campaigns, marketing materials, public relations, and digital marketi...
Insurance proceeds are tax-free in most cases, regardless of the type of insurance or policy. One exception isdisability insurance, which is taxable to the insured as income if the insured used pretax income to pay premiums.2Another is when a homeowner receives insurance proceeds for a damaged...
Direct premiums written are the total premiums received before consideringreinsuranceceded.1Direct premiums written represent the growth of a company’s insurance business during a given period. It can include both policies written by the company and policies written by itsaffiliated companies. Key Take...
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Looking for more information? Related Articles Self-Employed Federal Income TaxesEstimated Taxes – Common QuestionsImportant tax dates for the self-employedMost self-employed taxpayers can deduct health insurance premiumsTop Tax Write-offs for the Self-Employed More in Self Employment Taxes 7 Ways ...
Mullaney also points out that Biden signed into law the Inflation Reduction Act, one provision of which allows many retirees under age 65 to claim significant tax credits against their Affordable Care Act medical insurance premiums. Also under the Biden administration, the Social Security ...
By designing and implementing a safety program, you can manage and reduce risks that may affect workers' compensation premiums and additional costs. Safety and risk management outsourcing may include: Auditing your business for safety risks Ensuring you have the right insurance policies in place ...
The process of buying a term life insurance policy varies depending on the company or broker, but the core steps are generally the same: Start by shopping around for a term insurance policy that fits your needs, looking at features like premiums and coverage options. Once you’ve narrowed ...
Medical insurance forms You may have the best intentions and truly care about your employees’ health, but you can’t deduct insurance premiums from their pay without first obtaining written authorization. Retirement plan documents Like health benefits, retirement plans are a voluntary payroll deduction...
Heads up! Insurance premiums do not count as FSA qualifying expenses. Do employers have to contribute to FSAs? You can choose to contribute to an employee’s FSA plan. Employer contributions are not mandatory. If you do contribute, do not include employer FSA contributions in the employee’s ...