Solved: I have two small companies, each made a very small profit. I have self employment insurance expenses. Can I deduct the cost of the insurance premiums from both companies?
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sseasideservice
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I have two small companies, each made a very small profit. I have self employment insurance expenses. Can I deduct the cost of the insurance premiums from both companies?

 
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RichardG
New Member

I have two small companies, each made a very small profit. I have self employment insurance expenses. Can I deduct the cost of the insurance premiums from both companies?

No.  You can't use the same deduction twice.  Claim the deduction on one business or split the deduction between the two businesses.

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RichardG
New Member

I have two small companies, each made a very small profit. I have self employment insurance expenses. Can I deduct the cost of the insurance premiums from both companies?

No.  You can't use the same deduction twice.  Claim the deduction on one business or split the deduction between the two businesses.

View solution in original post

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