An unprecedented number of workers and businesses have transitioned to a work-from-home model. If you work from home, you should know these important tax implications of setting up a home office.
Your home office must be your principal place of business.If you typically conduct business at a location away from home but occasionally work from a home office, you can’t claim the home office deduction. Your home must be your principal place of business. That doesn’t mean you can’t ...
If you work from home, you need to know how to qualify for the home office deduction, pay self-employment taxes and understand which business expenses you can take deduct.
If you are a freelancer, have a side hustle, or run your own business in addition to your W-2 job, you may be able to take the home office deduction. The office or space where you conduct this separate self-employed business can't be the same space where you also work as an employ...
If your home office is 300 square feet or less, and you opt to take the simplified deduction, the IRS gives you a deduction of $5 per square foot of your home that is used for business, up to a maximum of $1,500 for a 300-square-foot space [3]. In this case, using the simpl...
If you run your business at home, then you will be glad to know that you could qualify for TurboTax’s home office deductions. Before you can qualify for this deduction, The Internal Revenue Service requires will consider if you run your business from your home office “regularly and exclusiv...
To provide the largest tax refund, it looks through over 350 tax deductions and credits, such as donations, mortgage interest, home improvements, education, office supplies, and others. TurboTax Home & Business 2017 is a software program that comes on an optical disk, which can be installed ...
Last year, I used each of “The Big 3” to do my taxes in order to compare and contract in detail the three software programs. (As an example, myTurboTax 2011 reviewtalks about comma-insertion as a feature…) I plan to do the same thing this year, but to help you early-birds, he...
Cencap Federal Credit Union is now more open than ever! We now offer our services to anyone who lives, works, learns or prays in Hartford Connecticut.
–Easily keep track of tax deductions, such as mileage, home office, job-specific expenses, and more –See your year-to-date tax deduction status to avoid tax-time surprises –Create Schedule C reports, or even export your data directly to TurboTax* ...