I have taken out specific insurance (fire, flood, theft) on one business asset. Is that a legitimate business expense and if so, is it a miscellaneous business expense or where in TurboTax does it go on a Schedule C?
01186
1 Replies
ThomasM125
Expert Alumni
Mar 11, 2022 4:28:16 PM
Yes, business insurance is an allowable business expense as it is necessary and ordinary. There is a category for it on your schedule C as Insurance (other than health.)