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Small-business owners and freelancers who work at home can still itemize tax deductions for expenses like rent, mortgage interest, utilities, and more for their home office.
If you're self-employed and use part of your home for business purposes, you may be able to deduct certain related expenses. To claim the home office deduction on your 2021 tax return, the IRS says...
It may seem counterintuitive to plan for unexpected expenses, because then, well, they are expected. However, saving money or having an emergency fund for all the things that could happen is really...
Because business expenses are fully deductible under section 162, taxpayers try to argue that expenses were not start up expenses. The Second Circuit Court of Appeals found that the Tax Court should look at if employment of the taxpayer is in the same trade or business to determine if it is a start-up expense, or a carrying on expense. [ 11 ]
Tax season is here and many remote workers are wondering what expenses they can write off while working from home. In 2022, 60 million people did freelance work, primarily from their home office ...
When my husband and I first started our business, we turned part of our house into a proper office. It was furnished with two desks, computers, and a copy machine on one side; a small conference ...
Due to that change in President Trump’s signature tax law, only contractors can make deductions for home office supplies. “If in fact, you are an employee working at home and you have a side ...
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