Does anyone know if "Commercial Truck Insurance" is tax deductable ... I am looking to upgrade my insurance to cover my trailer and equipment ... I was told that commercial truck insurance would do just that and of course it is more expensive than just the normal insurance ... Can I deduct the difference between what normal insurance would cost vs commercial truck insurance ... My accountant seems to think so and that is what scares me, she is thinking ... I have been using the mileage deduction for tax purposes since my truck is both for personal and business use ... Any comments, or suggestions ( excluding getting a new accountant - she's hot ) would fall under the heading of being most appreciated ... Thanks .
If your current insurance is deductible then I would say the commercial insurance would also be deductible. The only insurance I know of not being deductible is life insurance. You might get into some issues depending on who actually owned the vehicle and equipment (you or your company). This depends on whether you are a sole proprietor, partnership, LLC, etc. If you have any further questions....check out this site....and do a search......www.irs.gov <<<<has anything you wanna know about taxes and more!!
