To get my complete, FREE articlewith all the details… Are you going to sell your home, or are just thinking about it? Then you may be eligible to take advantage of one of the most terrific tax-breaks allowed by the IRS! I’m talking about the “Principal Residence Gain Exclusion” break. Why this money saving opportunity is so important now. As you know, the … [Read more...]
Home Office
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The IRS goofs on the home-office deduction
To get my complete, FREE articlewith all the details… Does the IRS ever make a mistake? Take a guess at the answer! What concerns me in this issue of the Tax Reduction Letter is a specific IRS mistake that can cost you big money. I’m talking about how the IRS made a serious error in its publication that dealt with the home-office gross-income limit. To get … [Read more...]
Can home-office deductions include garage space?
To get my complete, FREE articlewith all the details… Do you claim a home-office deduction? Does your home have a garage? (attached or detached) If you do, you need an important tool. A tape measure. Why? Because the amount the IRS lets you deduct from your tax bill depends on the size of your office, usually measured in square feet. But what about your … [Read more...]
Home-Office Deduction—Show Me the Proof!
When the subject of establishing a home office comes up, small-business owners often have lots of questions. Who can blame them? They’re worried about triggering an IRS audit. One question we’re often asked at the Tax Reduction Letter is: “If I have an office outside of my home, can I have a tax-deductible home office in my home? The answer is a resounding … [Read more...]
How Many Whole or Partial Rooms Can You Use for Your Home Office?
During the COVID-19 pandemic, there’s a good chance you’ve been working from a space inside your home, some of the time or all of the time. This means that you may be eligible for a valuable home-office deduction! In order to help you qualify for the deduction, in this issue of the Tax Reduction Letter, we’ll provide answers to three important questions you need to ask … [Read more...]