Yes, absolutely. Also, you can enter it as an "ordinary and necessary" business expense as Business Insurance and not a "vehicle" expense. That way, you will be able to deduct the full amount instead of only the percentage limit for business vehicle expenses. (Note: This exception is only for the commercial car insurance, not your normal auto insurance which goes in the Business Vehicle Expense section.)
How to get to that
area
:
While inside the software and working on
your return, type Schedule C in the Search at the top of the
screen (you may see a magnifying glass there). There will be a popup that
says Jump to Schedule C. Select that to get to the general
area.
Then,
- Business Income and Expenses
- select Edit next to your business (if
it is there)
- scroll to Business Expenses
- then, Other Common Business Expenses
- on that screen you will see
categories and can choose Insurance Payments
- then, Business Insurance (it's more of a liability type of insurance that is 100% deductible) Do not enter your normal auto insurance in this area.
