Insurance Deductions Made Easy Like Counting My Millions

• Self-employed individuals can deduct insurance costs deemed ordinary and necessary for their business operations.
• Rideshare drivers can deduct car expenses using either the receipts method or the standard mileage rate.
• Freelancers can deduct a portion of home expenses, including insurance, related to their home office.
• Small business owners can deduct various insurance costs, including business owner's policies and commercial auto insurance.

Insurance: It's All About Protecting Your Assets, Understand

Listen up, you wanna make money, you gotta protect it, like I protected my empire. Insurance, it's a necessary evil, but Uncle Sam, he gives you a break if you're smart. Hannah Cole, she knows her stuff, says the IRS lets you deduct what's 'ordinary and necessary'. That's business talk for, 'if you need it to run your operation, it's on the house… almost.'

Rideshare Hustle: Gas, Repairs, and Deductions

You think driving for Uber is just about picking up fares? Nah, it's a business. You can deduct gas, repairs, the whole shebang. Cole says you got two options: track every penny with receipts or use the mileage method. Mileage is usually easier, but check both ways. And remember, keep records. Paperwork is the key to keeping your cash, understand? Like Trump's Oil Tweet Sends Prices Skyward, one tweet and you can have millions, but you need to know how to manage them to not lose them and that requires the right insurances!

Landlord Life: Deducting Your Way to Riches

So you think running a rental property is easy? Think again. Landlord insurance is higher than regular homeowners, but here's the good news: it's deductible. Cole calls it 'ordinary and necessary'. Plus, you can deduct flood insurance, earthquake insurance, all that jazz. Just keep those records straight; you don't want any trouble with the IRS. It's like counting your money, if you can't account for every dollar, you don't have as much as you think you do.

Freelancer Freedom: Home Office and More

Being a freelancer is all about freedom, baby. But it's also about knowing your deductions. Home office? Deductible. Car expenses? Deductible. Professional liability insurance? You guessed it, deductible. Just make sure that home office is exclusive. No playing video games when you're supposed to be working; you're only fooling yourself.

Small Business, Big Deductions

Got a small business? Then you know insurance costs can be a killer. Commercial property insurance, commercial auto insurance, it all adds up. But don't sweat it; most of it's deductible. Business owner's policy? Deductible. Home office deduction? Absolutely. You gotta spend money to make money, but you also gotta know how to keep what you earn.

Trust the Experts, Stay Legit

CNBC Select, they talk to the experts, like Hannah Cole. She knows her stuff. They also got all the info on the best tax software, business loans, and credit cards. Don't be a dummy, stay informed. And remember, always tell the truth, even when you lie. Just kidding. Stick to the facts, and you'll be fine.