If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t deduct home office expenses under current federal tax law. To qualify for a deduction, you… Continue Reading
Are you hoping to start a business? Many people dream of being their own bosses. To get off to a strong start, you’ll need to make good decisions. For example, which business structure will you use (such as a sole proprietorship or corporation)? This decision will affect the taxes you pay. Another decision is whether… Continue Reading
Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income and want to contribute substantial amounts to a retirement nest egg.… Continue Reading
Taxpayers who operate a business can generally deduct business-related costs on their income tax returns. But they must keep thorough, contemporaneous records proving that the deductions are for legitimate business expenses. An information technology consultant and handyman deducted the cost of professional education on his return. But the IRS found the amounts weren’t business-related because… Continue Reading
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax refund essentially means you’re giving the… Continue Reading