Do you believe the following statement?… “A home office is not deductible unless it’s your only place of business.” Don’t believe it! It’s a myth! That’s right. If you play by Uncle Sam’s rules, you can claim a valuable home-office deduction even though you have a regular office outside your home. Want to find out how you can save a lot of money by handling your … [Read more...]
Home Office
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Does claiming a home-office deduction increase your risk of an audit?
A lot of people believe that claiming a home office deduction is like waving a cape in front of a bull. They think that if they claim this valuable deduction the IRS will react with an audit and put them in a world of pain. But is this true? Does writing off your home office really open a Pandora’s box? You’ll get straight answers when you read my new article titled Tax … [Read more...]
Deductions for a home office with two businesses
Claiming a deduction for your home office is pretty straightforward. But things can get very tricky when you add a second business, or your spouse claims the same home office for his/her business. If this is a situation you may have to deal with, I urge you to read my new article titled Tax Tips: Tax Deduction for Home Office with Two Businesses. Three ways our fact-filled … [Read more...]
Why renting your home to your corporation works
Last month we published an article that got a lot of great feedback. In it, we explained… How a 14-day (or less) rental of your home to your S or C corporation can create tax-free income for you and deductions for your corporation. Some of our readers doubted that this strategy could pass IRS muster so I’m going to deal with these concerns head-on. You’ll get all the facts … [Read more...]
Deductions for mileage driven to your rental properties
If you own a rental property, no doubt you’re going to visit it from time to time. Maybe there’s a leak that needs fixing. Or perhaps you want to hand over the keys to a new tenant. In any case, if you’re driving to your rental units you need to ask yourself these three questions: Question #1: “For tax purposes, how do I treat a trip from home to my rental … [Read more...]