Are you running your business as a partnership?
If you are, as a result of the COVID pandemic, you’re probably working at home a lot these days.
Well, in our new issue of the Tax Reduction Letter, we’ll tell you the good news about how you and your partner/partners can benefit from the home-office deduction.
Yes. Taking advantage of two totally-legal strategies can be a bit tricky, but we’ll show you how you can come out winners when you read the full article titled Tax Tips: Two Correct Ways to Deduct Your Home Office with a Partnership.
Three ways our fact-filled article can help you:
- We’ll review key home-office deduction rules. To qualify for a home-office deduction, you’ll need to use a space in your residence, regularly and exclusively. And you’ll need to meet three important criteria. We’ll tell you what they are when you read the full article.
- You’ll get details about how the two strategies work. For starters, you can deduct the cost as an unreimbursed partner expense. Or you can get reimbursement from your partnership via an accountable plan. We’ll tell you which one you should choose when you read the full article.
- We’ll help you avoid two land mines. Careful! You could wind up with a tax bill instead of tax savings if you do things incorrectly. Ouch! You’ll learn how to avoid stepping on two IRS land mines when you read the full article.