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 […]

Depreciation Recapture

One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property or assets from your small business. This tax surprise is often associated with depreciation recapture rules. Defined Depreciation recapture refers to reducing the cost of an asset sold by prior period’s depreciation expense to determine whether […]

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 […]