Working from home has become commonplace. But just because you have a home office space doesn’t mean you can deduct expenses associated with it. And for 2018, even fewer taxpayers will be eligible for ...
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for ...
... deduct home-officeexpenses if the home office is used exclusively on a regular basis as the trader’s principal place of business. An investor, on the other hand, isn’t entitled to home-office deductions ...
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told ...
When a business decides to hold a retreat for its employees, the first question to be answered usually isn’t “What’s our agenda?” or “Whom should we invite as a guest speaker?” Rather, the first item on ...
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax breaks that help support this dream. If you own a home, you may be eligible for several valuable ...
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property ...
... and homeoffice costs, require special attention because they’re subject to special recordkeeping requirements or limitations. Here are two recent court cases to illustrate some of the issues. Case ...
... For seasonal operations — such as homebuilders, farms, landscaping companies and recreational facilities — using a one-size-fits-all approach can throw budgets off, sometimes dramatically. To forecast ...
... agencies. Certain types of expenses, such as automobile, travel, meals and office-at-home expenses, require special attention because they’re subject to special recordkeeping requirements or limitations ...
... may be a “field audit” at the taxpayer’s home, business, or accountant’s office. Important: Even if your return is audited, an IRS examination may be nothing to lose sleep over. In many cases, the IRS ...
... debt limit from $1 million to $750,000 for debt incurred after Dec. 15, 2017, with some limited exceptions. 3. Home equity debt interest deduction. Before the TCJA, an itemized deduction could be claimed ...