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!
Schedule C, Box 18
Deduct anything you buy for your office, like pens, binders, folders, printer ink, or a whiteboard.
Schedule C, Box 23
Fees to get or renew your license to perform your work are fully deductible.
Schedule C, Box 27a
Tickets and entry fees to networking events to grow your client base can be written off.
Schedule C, Box 8
Business cards, postcards, and other materials used to promote yourself are deductible.
Schedule C, Box 8
Print and online advertising costs for your business are considered write-offs.
Schedule C, Box 10
Commissions you pay to employees or other agents are fully deductible business expenses.
Schedule C, Box 27a
Classes you take to enhance your skills after getting your license are tax write-offs.
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.
Schedule C, Box 27a
Parking for a meeting downtown, or any other work trip, is tax-deductible!
Schedule C, Box 27a
A toll while driving to or from a work destination is tax-deductible!
Schedule C, Box 13
If you buy a new car, you can write off part of the cost every year for five years.
Schedule C, Box 22
Flashlights, tire iron, duct tape, and other tools you may need in your vehicle are deductible.
Schedule C, Box 15
Car insurance monthly fees, registration, even roadside assistance are partially deductible.
Schedule C, Box 9
Oil changes, repairs, and regular checkups are all tax-deductible if you drive for work.
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.
Schedule C, Box 24b
If you discuss work with a coworker, mentor, client, or prospective client, it's a write-off!
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.
Schedule C, Box 24a
Planes, trains, and car rentals are all work-related travel costs that can be written off.
Schedule C, Box 24a
When you travel for work, lodging expenses such as hotel rooms or Airbnb are write offs.
Schedule C, Box 24a
When you're traveling for work, all meals are tax-deductible. Even takeout!
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.
Schedule C, Box 18
A desk, chairs, lamps, and other home office necessities are all tax write-offs.
Schedule C, Box 21
You can write off up to $2,500 for individual repairs to your property.
Form 8829
Gotta keep the lights on in your home office! A portion of your electricity bill counts.
Form 8829
Whether it's rental or homeowners insurance, you can write off a portion through your home office deduction.
Form 8829
It'd be hard to work in an office without running water, huh? You water bill counts.
Schedule C, Box 25
Your Comcast bill is a tax write-off. You need internet to do your job!
