Archives for May 2022

Can You Claim Your Car Insurance Deductible on Your Taxes?

car insurance tax return

Filing taxes can be complicated as you try to receive the best possible refund. As you and your tax accountant look over your forms, you can ask questions about different variables. One of the more common variables is car insurance premiums. Perhaps you are curious regarding whether your premium is tax-deductible. Depending on your car's usage, you may be able to deduct some expenses related to your auto insurance premiums. Here is a closer look at how you can use your car insurance to help Read More

Are My Homeowners Premiums Tax Deductible in 2022?

Are My Homeowners Premiums Tax Deductible

When you file your taxes each year, you look for write-offs or deductions that you can use to reduce your tax debt. You can use many of your business expenses as deductions. There are even occasions where you may be able to deduct a portion of your household premiums and other expenses from your yearly taxes. Understanding what counts as a deduction and what doesn't will help you keep accurate records. What Are Deductions? Deductions are expenditures that detract from your income. If you own a Read More