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K
kcombs
June 1, 2019
Question

Can I deduct Errors and Omissions insurance premiums for my business?

  • June 1, 2019
  • 2 replies
  • 0 views
No text available

2 replies

MargaretL
MargaretL
Employee
June 1, 2019

Yes, it is a deductible business expense.

R
rbink99
April 11, 2023

I know the errors and omission premium payment can be deducted,....Howerver,....Can an errors and omission claim payment be deducted?

PatriciaV
PatriciaV
Employee
April 11, 2023

The laws regarding the deductibility of settlement payments are complex. Most were repealed with the Tax Cuts and Jobs Act of 2017. Here is a fairly recent article on the subject: Sorting the tax consequences of settlements and judgments.

 

Your best option is to seek the advice of a local tax or legal professional so you have adequate documentation to support your deduction should you choose to report it.

 

@rbink99

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