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 deductions.
Want to get all the facts? Read my brand new article titled Tax Tips: Does the Tax-Home Rule Destroy Your Business Travel and Home-Office Deductions?
Three ways our fact-filled article can help you:
- We’ll explain an important (and under-appreciated) feature of the tax code. Tax law treats your personal-residence location as the relevant location for tax-home purposes. This can cost you deductions when you travel from your home to your business operation. And that’s just for starters. Get the whole story when you read the full article.
- You’ll learn a tax-home fact you need to know now. Your tax-home principal place of business is different from your home-office principal place of business. The location of your tax-home is a question of fact which you had better understand if the IRS comes calling! We’ll tell you what’s what when you read the full article.
- We’ll explain the tax implications of traveling away from home. Going away overnight? You trigger the tax-home rule. This means you can’t deduct overnight travel costs when you travel from your residence to your tax-home. Sound confusing? Well, you’re dealing with the IRS so of course it is. But we’ll clear things up when you read the full article.