Most people who are eligible for the home office deduction are self-employed. However, not all self-employed people may claim this deduction. Claiming the home office deduction can increase your likelihood of being audited by the IRS. In today’s post, we examine the...
Tax Deductions
Tax deductions you may be able to claim when you’re self-employed
There’s a big difference between not paying your taxes and avoiding unnecessary taxation -- especially when you’re self-employed. Knowing what you can legally deduct from your self-employment taxes can save you hundreds -- even thousands -- of your hard-earned...
IRS Provides Guidance On The Deductibility And Reporting Of Certain Amounts Paid To, Or At The Direction Of, Governments
In May, the Internal Revenue Service (IRS) provided guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments. The proposed regulations revise current § 1.162-21 of the applicable regulations and provide operational...
ESTABLISHING THAT AN ACTIVITY IS FOR PROFIT
The IRS makes the presumption that an activity is a business and established to make a profit if it has made a profit in, at least, three of the prior five years. The business must be substantially the same during this time period. If a business fails to make a...
TAX PROBLEMS FOR TRUCKERS
The Tax Cuts and Jobs Act (TCJA) has been a mixed bag for taxpayers, with some benefiting and others paying more in taxes. One group of taxpayers that is paying more in taxes under the TCJA is truck drivers, specifically company drivers who are not owner-operators....