A Few Do's and Don'ts of Personal and Business Insurance Tax
Filing your personal and business tax returns is often complicated if you work from home or if you're not sure about the different credits that you're able to take and the benefits that you may have to claim. However, this guide includes a few things that you should do when filing for your personal and business insurance tax returns and it also includes some things that you should overlook when filing your returns.
Health Insurance and Medical Expenses:
First, if you work at home or if you are with an employer, you should always think ahead and plan your medical procedures and expenses for the coming year. If you do this efficiently, you will be able to take the maximum deduction when it comes time to file your personal or business tax return.
Second, you'll want to find out if you in fact do qualify to deduct all or part of your medical expenses. Depending on your income, you may be limited to the medical expenses deduction. In addition, you will always want to deduct your health insurance and long-term care insurance premiums on your federal tax return. There may even be miscellaneous insurance deductions that you can use on your federal tax return so you'll want to find that out.
Unemployment and Worker's Compensation:
Don't report worker's compensation insurance benefits as part of your income. Receiving worker's compensation benefits is almost always non-taxable, which means that it does not have to be reported as part of your income on your personal or business tax return. Many people err on the side of caution and include it, but you'll end up only increasing your income and paying more taxes.
Unemployment insurance benefits are a different matter. You do want to report this figure on your tax return. In many cases if you do receive unemployment benefits for any reason other than worker's compensation, but then don't report it on your return, you will get audited.
Automobile Insurance:
Automobile insurance is another area in which you can get a break on your federal tax return if you run a business and work from home. Including auto insurance as a deduction on your federal tax return is something you should take advantage of.
Casualty and Theft Losses:
Don't report the insurance reimbursements from casualty claims or theft losses. Many times these are unnecessary and won't net you the biggest advantage on your tax return.
Moving Expenses:
If you work at home and you have job-related moving or storage expenses, this is something that you'll be able to report on your federal tax return. This is a little known deduction that few people know about but can save you from paying more income tax than you already are.
In addition, check previous federal tax returns for any insurance deductions that you may have taken in the past. Chances are that if you have taken advantage of them in the past then you are still eligible for those deductions. All in all, the insurance benefits and other expenses listed here are important when preparing your personal or business income tax return and you should use your tax knowledge to the fullest extent when filing.
A. Harrison Barnes is the founder and CEO of CareerMission, the parent company of more than 90 job-search websites, employment services, recruiting firms and student loan companies. CareerMission (originally Juriscape) employs several hundred employees in 14 offices throughout the United States, Asia, and Europe. These companies were literally started from Harrison's garage several years ago after Harrison quit his job.
Harrison resides in Malibu, California. He is a sought-after career advice guru and writes articles relating to the legal community. Harrison is an active philanthropist and advocate for people reaching their full potential in their careers. Given his passion for job seekers and them reaching their full ability, Harrison recently started offering a limited number of coaching engagements to job seekers.
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