It's not always easy to figure out which home office write-offs are acceptable and which are not approved by the IRS. Below is a summary of the key provisions to give you a better idea of what you are able to deduct with the IRS....
Taxpayers who claim their standard deduction amounts can’t deduct their medical costs. Only if they itemize on Form 1040’s Schedule A are they able to deduct such costs....
Back in 1913, Woodrow Wilson began his first term as president, and Americans first filed Form 1040s. Right from the beginning, Congress told the IRS to enforce rigid rules for compensation and to forget about gifts. The IRS followed orders....
On August 12, Congress passed the Inflation Reduction Act, over 700 pages of economic changes. What does the act do? And just as important, what does it not do?...
Officially called the Family and Medical Leave Act, the FMLA is a federal law that makes it a requirement for employers with at least 50 employees to offer unpaid though job-protected leave to any and all eligible employees. Here are common mistakes to be...
Consider Irene, who recently became a widow when her husband, Henry, died. Like most married couples, they held the title to their home in joint ownership with the right of survivorship. In plainer language, this means that co-owner Henry's death results in his loss of all...
Are you sure you know whether your employees are considered exempt or nonexempt? It's important to classify workers correctly because their status determines their eligibility to receive overtime pay. Even if you think you know the difference between exempt and nonexempt status, there are some...
Have you given any thought to how your company stacks up? Are you thinking of purchasing a company, or selling your company, and need to see how you look against industry benchmarks?...
The inflationary cycle we are now in is causing anxiety for many consumers. Coming on the heels of the disruptions caused by the COVID-19 pandemic makes it feel even worse. And then there is the prospect of a future recession. It is enough to make...
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. But it's fraught with confusion. To claim the home office deduction on your tax return, you must exclusively and regularly use part of your home or a separate structure...
