If you’ve been using a vehicle for your business and you’re thinking about switching it to personal use, you’re probably wondering: can I change a vehicle from business use to personal? The short answer is yes - but the tax impact depends on how you’ve been using and deducting that vehicle. And if you don’t understand...Continue reading
If you’ve been taking the home office deduction, you may have heard something like this: “Don’t take depreciation—it’ll come back to bite you when you sell your house.” It sounds logical. Nobody likes the idea of paying taxes later. But here’s the problem… skipping home office depreciation can actually cost you more than it saves. Let’s walk through...Continue reading