I am a new associate. What are things that I can claim as a business expense? I have in the past included my malpractice insurance amount.
To deduct or not is certainly a personal choice. I won’t deduct mine.
The tax savings on a few thousand dollars of premiums is a couple hundred dollars in tax savings. Sure, over 30-40 years those savings could add up, however, the potential tax cost on potential benefits paid over a year or two would likely eat those savings up.
I have a client that’s been collecting over $140k in disability for 20 years now, at an average tax rate (fed & state) of +-25%……
The tax cost over 2 years is approx. $70,000, thank goodness he didn’t deduct his premiums…..