Tax Deductions For Independent Adjusters
Everyone wants to know what they can legally file as a tax deduction. Take a deep breath, and let go of tax season anxiety, help is on the way.
“Next to being shot at and missed, nothing is really quite as satisfying as an income tax refund.” – F.J. Raymond
Taxes are a part of life, but they don’t have to be as stressful and frightening as they’re often made out to be. Let’s talk about some tips for tax season!
Get A CPA.
Did you you know there are Certified Public Accountants (CPA) who specialize in small business taxes? The very first thing you should do is find a CPA who is either in your area or who can work online to assist you with filing taxes. There are so many reasons why this is important. A CPA who specializes in small business taxes will know the ins-and-outs of how to get you the most deductions possible. In order for CPAs to maintain their license, they are required to keep up with current tax laws, this means they will know about the year-to-year changes and incentives that could directly affect you as an independent insurance claims adjuster. Do some searching online, and ask your friends and colleagues if they have a trusted CPA who they would recommend. It will make a world of difference. And, you can deduct the CPA’s fee as a business expense!
Common Deductions for Insurance Claims Adjusters
Lets talk about what records to keep for tax deduction purposes!
● Mileage driven (Try MileIQ)
● Parking fees
● Registration fees
● Paper clips
● Postage stamps
● Presentation folders
● Copying costs
● Overnight deliveries
● Internet fees
● Greeting cards
● Subscriptions to technical, professional, and trade journals
● Home office
● Utilities – heat, lights, power, telephone service, internet, water, sewage
● Reconditioning floors
● Repainting the interior or exterior walls
● Cleaning and repairing roofs and gutters
● Fixing plumbing leaks
● Office Desk
● Long-term care insurance
● Dental insurance
● Business insurance
● Part of your homeowner’s insurance
● Vehicle insurance
Travel For Work
● Conventions and conferences (Hello AdjusterCon!)
● Meals and entertainment
● Baggage fees
● Tips you need. If you are looking specifically for offline maps, this is one of the best options currently out there. Available for both iOS and Android.
Get It Done!
We cannot stress enough how finding a good CPA can save you money and cut out stress. If you want to do some research on your own, check out this 2018 Business Expenses Guide provided by the IRS.
If you have any tax tips, or apps that help you with record keeping and tax related business, please let us know in the comments!