Is professional liability insurance a business expense if I am a 1099-misc contractor?

[Irene2805 · Accepted solution]

Yes - Professional liability insurance is a business expense for a 1099-MISC contractor.

To enter liability insurance expense for your business, please follow these steps:

1. Click on Income and Expenses and then click the Start/Revisit box in the Self-Employment section.
2. On the Here's your [business] info screen, click on the box Add expenses for this work.
3. On the Tell us about any expenses screen, scroll down through the categories, mark the radio button next to Business insurance and click Continue at the bottom of the screen.
4. Enter the description and amount on the next screen.
5. After entering information on that expense, you will be returned to the Expenses screen so you can select another expense category.