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Write For Business

Rita Said:

Can you write business for a life insurance company for two different brokerage companies?

We Answered:

most allow dual appointments so you can write the same company with multiple brokerages.

Tom Said:

I've been filing a business write-off on my personal taxes. How do I close out the business on my tax return?

We Answered:

As the other poster mentioned, if you have any income from writing, it will need to be reported, regardless of your write offs. Even if you just report the writing income this year without deducting any related expenses, there's a fairly good chance that you're going to be audited for one of the prior years. You're going to need to prove that you had profit motive for operating this business. Truthfully, I think you're going to have a really hard time proving that your writing was a real business and not a hobby, but that discussion is best left to you and your accountant.

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