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Home office deduction – Is your home the principal place of business?

In the IRS Tax Tip 2021-136, the IRS reminds small business owners how to qualify for the home office deduction. Employees are not eligible to claim the home office deduction. The home office deduction, reported on Form 8829, is available to both homeowners and renters. There are certain expenses taxpayers can deduct. They include mortgage

By |2021-09-23T21:48:38+00:00September 23rd, 2021|Categories: Business|Tags: , , , , |

Some major companies paid zero Federal taxes versus small businesses

In April 2021, there was a report from Fortune media listing some of the companies that paid zero in their 2020 tax return. There are different options on the tax code allowing those companies to avoid paying taxes, such as international transactions, real estate investments, research and development, etc. Note that even if the federal

By |2021-05-19T19:30:16+00:00May 19th, 2021|Categories: Business|Tags: , , , , , , , |
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