The HI Five

March Madness has officially ended, hopefully with your bracket beating every co-worker who said they were going to beat you this year! Unfortunately for those of us who wait until we absolutely have to, it also means it is tax time. April 15th is just around the corner and unless you have filed an extension this is the infamous date thousands of Americans file. What does that have to do with insurance? If you are like just about every other person filing this year you are wondering exactly what you can and cannot deduct. Is your homeowners and auto insurance premium deductible? What about my business insurance?

While you generally cannot deduct your homeowner’s insurance, you also cannot deduct auto insurance for a vehicle unless it is used in a business.

Insurance premiums paid in your business

You can typically deduct business-related insurance premiums along with your other business expenses.

Think about deducting your premiums for these types of business insurance:

  • Fire, flood, storm, crop, theft, liability and other insurance on business assets.
  • State unemployment insurance on employees (deduct as taxes if your state considers the premiums to be taxes).
  • Health insurance premiums for employees, including long-term care insurance premiums.
  • Business vehicle insurance. You must allocate the premiums and other vehicle expenses if you use the vehicle for business and personal use. Note: If you use the standard mileage rate, do not deduct vehicle insurance separately.
  • Rental Property insurance (deduct any insurance related to the rental on Schedule E with other rental expenses)

Now remember we are experts in insurance, not taxes so you should always check with your CPA first.

Vetting Your Roofer

While April for most Americans means tax season, for us insurance agents in Texas it also means we are in the midst of hail season. When hail season is at its peak so are the “fly by night” roofing companies that appear every year with a different name promising no deductible, fast service, and quality work. Even the most cautious homeowners can get duped by these “so-called” experts, but with our quick list of ways to make sure you are selecting a reputable roofing company we hope we can help you avoid this.

  • Check for the company’s website and/or google business page.
  • Look for reviews.
  • Ask questions:
    • How long have you been in business?
    • Are you accredited with the Better Business Bureau?
    • Do you take photos?
    • Will you meet with my insurance adjuster?
    • Are you insured?

Request A Quote or Call Us Today!

Although April may not be the most the fun month of the year, remember the old saying “April Showers Bring May Flowers”, it does mean summer fun is just around the corner! No matter the month or the season HI Agency is always here to help answer questions and of course quote all of your insurance needs.

Leave a Reply