Is Insurance An Expense Or Income. Health insurance expense is the expense incurred by a business to pay for its portion of the medical insurance of its employees. Income and general expenses, are shown only in the aggregate.
Before the event insurance and after the event insurance. You must itemize to claim this deduction, and it’s limited to the total amount of your overall costs that exceed 7.5% of your adjusted gross income (agi) in the 2020 tax year, the return filed in 2021. As the benefits of the expenses are recognized, the related asset account is decreased and expensed.