There is lots of fun this Summer being enjoyed by my kids and many others here in Coppell! This week at FUMC Coppell is The Workshop of Wonders Vacation Bible School. The Coppell Library has kicked off the Summer Reading Program, and when it’s not raining, the Aquatics Center is a great place to have a blast and cool off!
Get out there and find out what’s happening in your community and have a fun Summer!
Purchasing the insurance you need for a commercial business can provide a tax benefit. However, it is not as much a percentage exemption as a deductible business expense.
To qualify for a deduction, an expense for a business must be ordinary and necessary. Ordinary refers to an accepted or common expense. Necessary does not have to be required, but something that is reasonably needed. Insuring a business, the property and the products is services common and needed.
For the purpose of taxes, insurance for your business is a business expense, as compared to a capital expense. However, you cannot include your insurance costs in the cost of the goods or services you sell. This would create a double deduction.
IRS publication 535 covers the requirements for business expenses. In most cases, you are allowed to deduct the full amount of this type of expense. Exceptions are made if you recover a part of the costs or trade services for the costs. Limitations may also be placed on the amount you can deduct. Businesses that operate at a loss are affected by this rule.
Your accounting method may also play a part in your situation. If you use the cash method for accounting, you would take the deduction for the year or quarter that you pay your insurance premium. If you use accrual accounting, your method may be different. However, if you pre-pay your insurance premiums, you cannot take the deduction in advance. You may only deduct the amount of insurance that applies to the term of your taxes.
When it comes to tax issues, especially business taxes, you should consult a tax professional. When it comes to commercial insurance, we are ready to help you with all of your needs. As an independent agency, we can offer you quotes from a variety of national insurers. We will also be available to answer any insurance related questions that you have.
RV insurance is designed to provide coverage on a variety of recreational vehicles. Policies purchase with this classification can provide protection for camper vans, motorhomes, bus conversions, and any other type of vehicle that is classified by the manufacturer as a recreational vehicle.
A common question asked by many individuals is how does this type of insurance differ from traditional auto policies. The answer to that is this type of policy offers protection that is very similar to auto policies, but there are some extra additions that provide protection for recreational vehicles.
Most policies that are classified as recreational vehicle polices provide the basic coverage that an auto policy provides. Recreational vehicle policies will vary depending upon the type of vehicle that is being insured and the company that is providing the policy, but these policies will typically include collision, liability, and comprehensive protection as part of the policy.
The difference between an auto and recreational vehicle policy lies in the additional protection that is purchased. Recreational vehicle policies can also provide protection for any and all belongings that are kept on board the vehicle, specialized equipment, and accessories that may be attached to the vehicle.
In addition to this type of protection, recreational vehicle policies can also provide total loss replacement, campsite/vacation, emergency expenses, towing and roadside assistance, uninsured/underinsured motorist protection, and full-time camper protection. These types of protection are often added on to an existing basic recreational vehicle policy.
Finding out that a recreational vehicle is underinsured can be the worst feeling in the world. Make sure this situation does not happen by working closely with an independent agent from The Select Insurance Agency. Our independent agents who work out of Dallas, Texas will help you explore all the options recreational vehicle policies and find the right one for your situation.
Beneficiaries of a life insurance policy must submit required documentation to the insurance company in order to start the process to receive the money that is owed. The type of documentation that is required to start the process may vary depending upon what insurance company the individual is insured under.
While the type of documentation may vary, there are still some very basic types of documentation that almost all insurance companies require. These types of documents include the original contract between the individual who has passed and the insurance company, a list of the beneficiaries, and a death certificate.
The original contract that outlines the policy is not always required by insurance companies, but it will make the process easier. Many insurance companies keep their policies on file, but submitting the original document will speed up the process. It can also help the agent who is working on the claim, as they can compare the original contract to what is kept on file.
A death certificate is almost always required by all insurance companies when making an insurance claim. The certificate must be from a recognized hospital or physician.
Some insurance companies may require that multiple certificates be produced. Most insurance companies will only require one certificate, but it is best to check with the original contract to see how many certificates are required.
Discussing these types of issues and insurance policies is not always easy. Contact The Select Insurance Agency today to work with an independent insurance agent and discuss the different types of life insurance policies that are available. We will work to help make sure your family has the financial protection they need in the event of your passing.
You need your trailer to take your boat down to the waterfront, but you may mistakenly assume that it’s covered under either your car insurance or your homeowner’s insurance. The truth of the matter is, while you may have coverage for your trailer under one or both of these policies, that doesn’t necessarily mean that it’s the proper amount that you need to deal with any trailer accidents or trouble.
Your homeowners policy may offer additional riders or an increase to the value of property covered at home, which helps protect your trailer when you aren’t actively using it. This allows you to have coverage if someone steals or damages your trailer while it’s on your property. Auto coverage may also provide additions that cover anything attached to the car, which may also extend to protecting your boat.
Your best bet, however, is to buy boat insurance, as this covers the boat and the trailer. Instead of hoping that the company offers addition to the policy, getting your boat covered keeps your trailer protected wherever you have it, whether it’s sitting in your driveway or out by the docking area. The price of this coverage may fluctuate with active boating seasons, so be aware of the premiums when you’re making your purchase.
A boat policy also protects any personal property located on the trailer or within the boat, like a homeowner’s policy does. You get replacement cost for stolen and damaged items, so you can get back out on the water with your fish finders, coolers, and anything else that ended up being damaged in an accident.