Courtesy of iii.org At tax time people are looking to find every possible deduction they canso what about writing off your home or auto insurance premiums? The answer mostly comes down to one easy question: personal or business? If you’re buying personal coverage for your home, car or another purpose, the Internal Revenue Service considers it a regular living expense, which isn’t any more deductible than buying toothpaste or kitty litter. If you’re in business for yourselfeven if it’s just moonlightingthe answer may be different. And if you participate in the “gig economy” (e.g. renting your home on Airbnb or driving for Uber) you also can deduct some part of those costs against your business incomeas long as you’re also willing to declare the money you’re earning as income. Deducting Your Premiums It takes some extra effort to directly deduct either your auto or home insurance payments on your taxes. First, you’ll have to itemize and fill out an entire Form 1040, not …
Featured
The Cost of Insurance Fraud
Courtesy of iii.org The cost of insurance fraud is a cost all policyholders wind up paying. Consider that fraud adds about $34 billion each year to the property/casualty insurance sectors incurred losses in the U.S. That equates to about 10 percent of the cost of insurance. The victims of this fraud are ..everyone. Florida CFO Jeff Atwater heads the states Bureau of Insurance Fraud, which consists of 117 sworn officers plus support staff. Hes been championing fraud awareness and recently published a newsletter with a story about an Orange County man who paid someone to torch his car. This person filed an insurance claim, got paid, got found out and got jail time. The newsletter said the arson claim cost the insurance company $10,000, and it may cost the perpetrator up to 20 years in jail. The state has a fraud tip line: 1-800-378-0445. There is also an online form for reporting fraud. Were in this fight against fraud together. …
How to Locate a Lost Life Insurance Policy
Courtesy of iii.org Locating life insurance documents for a deceased relative can be a daunting taskfor one thing, as of this moment there are no national databases of all life insurance policies. However, with a little sleuthing, you can successfully navigate the paper trail. Here are some strategies to help simplify your search: 1. Look for Insurance Related Documents Search through files, bank safe deposit boxes and other storage places to see if there are any insurance related documents. Also, check address books for the names of any insurance professionals or companiesan agent or company who sold the deceased their auto or home insurance may know about the existence of a life insurance policy. 2. Contact Financial Advisors Present or prior attorneys, accountants, investment advisors, bankers, business insurance agents/brokers and other financial professionals might have information about the deceased’s life insurance policies. 3. Review Life Insurance …