Home Office – Security Systems Expand Your Write-Off For A Home Security System If you manage a business out of your home, you may be overlooking an extra tax break. Say you decide to put in a security system that covers both your office and the rest of your house. You can then deduct the […]
home office
Home Office – Sale Of Residence
Home Office – Sale Of Residence Q. We bought our house for $378,000 five years ago. I installed an office in the basement for my business at a cost of about $25,000. I claimed home office deductions the last four years. Now we’re selling the house for $391,000. Since I’m selling at a $12,000 loss, […]
Escape The Home Office Trap By Electing Sub S Status
Escape The Home Office Trap By Electing Sub S Status If you’re self-employed and work from your home, there’s a simple way to sidestep a potential tax trap involved in future home sales. All you have to do is adopt the S corporation form of doing business. When you operate your business as an S […]
Deducting Your Computer
Deducting Your Computer Computers are considered “listed property,” or assets used for both business and personal applications. Under the rules, if you use a computer more than 50% for business, you’re allowed to expense that percentage under Section 179 immediately or depreciate it using MACRS depreciation tables. If you use the equipment less than half […]
Sale Of Residence – Tax Implications
Sale Of Residence – Tax Implications If a person owned and used a home as a principal residence for 2 of the 5 years preceding the sale, up to $250,000 of gain may be excluded ($500,000 on a joint return). This tax break may be used only once every 2 years. A taxpayer who fails […]
Home Office Deductions
Home Office Deductions Taxpayers who have “paperwork only” home offices, but do their income-producing work elsewhere, can claim home office deductions starting in 1999. A taxpayer can claim the deduction if the home office is used for administrative or management work and there is no other fixed location where a substantial amount of administrative or […]