Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions

Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021. The Coronavirus Aid, Relief and Economic Security Act includes several temporary tax law changes to help charities. This includes the special $300 deduction designed […]

Home Office Deduction Rules

During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig […]

Run a business from home?

Home Office Deduction. Do you qualify for a home office deduction? If you run a business from home, you may be entitled to a home office deduction. This is only if you claim your home office as a business write-off on a Schedule C, as miscellaneous deductions have been eliminated for tax years 2018-2025. Your […]