If you had no taxable income in 2018, you might think you can’t claim the home-office deduction.
That would be a big mistake.
Why? Because even if you didn’t earn a nickel of taxable income, your home office can produce three significant tax benefits for you.
We’ll tell you what they are and how to take advantage of these totally-legal tax breaks when you read my new article titled Tax Tips: Q&A: No business Income. No Home-Office Deduction. Wrong!
Three tax-benefits you should know about now:
#1
Your Schedule C denied home-office deductions (that produced no tax benefits this year) carry over to next year where they offset your business income! For full details, read the full article.
#2
You no longer commute from your home to business stops. So now, all such trips produce business mileage! For full details, read the full article.
#3
Any business loss, apart from the home office, can create a net operating loss that you can apply against next year’s taxes! For full details, read the full article.