Tax season is here! That means insurance brokers like you are looking over deductions and pulling receipts. You might also be sitting down with a Certified Public Accountant (CPA).

As you file your taxes, your Continuing Education (CE) credits and the industry organizations you belong to are probably the last thing on your mind. But keeping them on the docket is more important than you might think. Your participation in broker education and CE courses, as well as membership in industry organizations doesn’t just help your professional growth – it can also bring big benefits to your financial growth at tax time. Here’s how!

Key takeaways:

• State licenses
• Courses and certifications
• Subscriptions to professional, technical, and trade journals
• Books
• Memberships with NABIP, NAPIA, IIABA and other professional organizations.

The last day to file your taxes is April 18th. Now let’s take a closer look at what can be included in your return. For a full overview of filing taxes for insurance brokers you can refer to our deduction checklist and Publication 535.

Continuing Education:
As an insurance broker you are required patriciate in broker education and take CE courses periodically to maintain your license. These courses give you opportunities to gain experience and build your knowledge base. You can also stay up-to date with industry trends and law changes, and network with other brokers.

How many courses do you need to do and how often do you need to take them? Make sure to check your state’s rules to keep up with your license. CE courses are available both online and in person to fit your schedule. Sometimes trade shows and conferences offer CE courses to their attendees. This makes it even easier for you to meet your credit requirements – so keep a look out for these opportunities.

Staying up with your CE credits is good for more than just your standing as a broker – it can also be good for your wallet. If your company doesn’t pay for CE course expenses outright, you might be able to deduct them on your taxes. Potential deductions on CE credits include course tuition, books, and materials, and even your state licensing and renewal costs. If you are curious to see if CE courses are deductible for you this tax season, make sure to consult with a CPA. Form 1040 (Schedule A) can be used to document your continued education.

Industry Organizations:
If you are looking to network and further your education, you are probably a member of (or looking to join) insurance industry organizations. There is NABIP (formerly NAHU). You can also consider the National Association of Professional Insurance Agents (NAPIA) and the Independent Insurance Agents & Brokers of America (IIABA).

These associations offer easy avenues for you to attend CE courses. They also allow you to keep up with industry news, legislative updates, promote your brokerage, network with other brokers, and more.

Now unsurprisingly, these rewards aren’t free. These industry memberships generally come with annual fees and membership dues. Luckily, membership costs to industry organizations are potentially deductible business expenses. These costs can include annual membership fees and even local chapter dues. For more information on when you can deduct these expenses, check with your CPA. Industry organizations can make meeting your CE requirements a breeze.

You will want to make sure you join at least one industry organization. And keep up with your CE requirements throughout the year. It will save you time and money as you take your career to the next level. And if you need additional CE credits, click the banner below for a FREE CE course through our partnership with WebCE – it’s on us!

The information in this blog is based on Solstice's review of the publicly available materials and is not intended to provide legal advice. While we make every effort to present and update accurate information, interpretations can vary. The overviews provided here are intended as an educational tool only and should not be relied upon as legal or compliance advice. For legal advice, please contact your attorney.