When you do your taxes, do you claim the home-office deduction? If the answer is “yes,” and you’re not claiming depreciation as part of that deduction, you could be making a big mistake. Oh, sure. It’s perfectly legal to take a pass on the depreciation, but why do that? If you don’t claim depreciation, you’re probably losing after-tax cash! If you want to learn which … [Read more...]
Home Office
Sorted by Date
Don’t let the “Tax-Home” rule kill your deductions
Do you know what the “Tax-Home” rule is? You should! You see, this IRS rule is extremely important if you have a business operation that’s located away from your personal residence. IMPORTANT FACT: If you don’t comply with the tax-home rule properly, you risk destroying some or all of your home-office deductions, business-vehicle deductions, and overnight-travel … [Read more...]
Get the home-office deduction for your S Corporation
Do you operate your business as an S corporation? If you do, it’s very possible that you can take advantage of the home-office deduction. Of course, like anything that involves the IRS you have to know the rules and learn how to play the game. But the good news is, it’s really not that hard to do. Where can you get reliable, easy-to-understand answers to your home-office … [Read more...]
Straight answers to business-mileage questions
When it comes to figuring out tax deductions for business mileage, tricky IRS rules may leave you scratching your head. That’s where my new article comes in. It was designed to answer those off-beat but common questions that taxpayers face every day. Want to make sure you’re deducting every business-mileage penny you are entitled to? We won’t steer you wrong when you read … [Read more...]
Don’t fear home-office depreciation recapture
Who’s afraid of the big bad home-office deduction? You shouldn’t be. Especially if what’s worrying you is depreciation recapture when you sell the home where your home-office is located. The truth is, there’s no reason to fear depreciation recapture when you claim a valid home-office deduction. You see, the simple fact is, depreciation tax benefits typically exceed … [Read more...]