IRS scrutinizing home-office deductionSandra Block
Depending on the laws and tax rates where you live, you may owe state and local sales tax on your Etsy sales. Always research the rules in the states you often sell in, and be sure to collect and remit tax as required. TaxAct is here to help. Ready to file? TaxAct®can help yo...
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The audit rate for individual tax returns was 0.49% in 2022. The IRS has audited the returns of 8.5% of the people making $10 million or more between 2012 and 2020.15Individuals may be randomly selected and others triggered by departures from the norm, such as a charitable deduction that ex...
I work from home, but I would never dare claim a home-office deduction, so the campaign is working. For our third item, the IRS loves to useexaggerated estimatesof a “tax gap.” This is what it means in reality. Since I’mnot a fan of withholding, this next tweet hits home. ...
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The new tax code also includes a lower corporate tax rate, soC corporationspay a lower amount of tax overall. For smaller businesses, the new rules usher in a deduction for people who earn income from pass-through entities such asLLCsand sole proprietorships.56 ...
specifically for work — a contractor's truck comes to mind — there are rules about what you can and can't deduct. Those rules get even more stringent depending on if you own or lease the car. "Rarely is a car used 100 percent for business by a small business owner," said Bonneau....
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(Read more:Five tax mistakes most likely to spur an audit) Another common red flag is the home office deduction. The IRS has simplified the rules for calculating this deduction. Now taxpayers can simply multiply the square footage of their home office by $5, for a maximum deduction of $1...