Top Ten Personal & Business Insurance Tax Tips
	7. Do check your previous tax returns for the above insurance deductions: Tax returns can be amended for up to three years so if one feels they had qualifying deductions on previous tax returns that they did not claim, they may be able to amend the return to include the deduction and receive any refund if applicable. Additional copies of previous year's tax returns can be purchased from the IRS. 8. Don't forget to report unemployment insurance benefits: It is important to remember that unemployment insurance compensation is considered taxable income so one must report any state or federal unemployment insurance benefits they received during the tax year they are filing for. 9. Don't report casualty and theft losses reimbursed by insurance: Damages from losses due to perils on your home such as floods and tornadoes, and losses due to damage to one's automobile may be deductible if one itemizes deductions. The losses need to be reduced first by any insurance amount received + $100 and then the loss must furthermore be reduced by 10% of one's adjusted gross income. 10. Don't report worker's compensation insurance benefits as income: Worker's compensation along with child support payments, military allowances, veteran's benefits, welfare benefits and cash rebates from a car purchase are not considered taxable income.
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