As you file your 2020 taxes, you will find that COVID-19 has had some major impacts on the process, as it has on most things over the past year. In fact, the IRS has delayed the start and deadline of tax filing season this year. There are multiple considerations for businesses and individuals alike for…
Working at Home
Understanding How the Home Office Deduction Applies to Your S Corporation
If you have gotten used to using the home office deduction, you may be wondering if you can still use it when you have an S corporation. In other words, how can you be sure that the IRS will still let you take advantage of this deduction? Here’s a quick look at some methods that…
No Business Income Doesn’t Equal No Home Office Deduction
Running a home-based business can be a rewarding endeavor, especially when you take full advantage of all possible tax deductions. One commonly misunderstood example is the home office deduction. As long as you use your home office entirely for your business, you can usually deduct it. This holds true even if your startup didn’t turn…
Can You Deduct Your Home Office?
Lots of Americans work from a home office at least part of the time. It’s a convenient way to run a business, in part because it eliminates the morning commute. It can also offer tax advantages if you can claim the home office as a business deduction. It’s often thought that it’s only possible to…
Avoid Being an IRS Target When Your Business Loses Money
If you operate what you think is a business, but that business loses money, it may not be a business at all under the tax code. Such a money-losing activity can look like a tax shelter to the IRS, and that substantially increases your chances of an IRS audit. The tax code contains a business…