With more people working from home, one has to wonder if the home-office deductions on tax returns are out of control or warranted. Will the IRS be scrutinizing home office deductions and what do they look for. In short, will your home office deduction pass in an IRS audit or will it raise red flags?...Continue reading
An inconvenient rule applies to how S corporation owners deduct the cost of health insurance that a corporation puts on its W-2s. The words that make this an inconvenient rule are “earned income,” and this is unusual because you generally think of earned income as a good thing. But for the S corporation owner who...Continue reading
Question: Can you deduct a home office if you also have a non-home office? Answer: Yes! As the tax reduction specialists for the self-employed we navigate through the home office deduction issues regularly. We know what the IRS looks for and what you will not get away with. SO let's make sure your tax reduction...Continue reading
What Are Self-Employment Taxes? Do I Pay Them? Self-employment taxes are to individual business owners what payroll taxes are to employers and employees. They fund Social Security and Medicare. All individuals with self-employment income must pay self-employment taxes, regardless of their age. When business owners reach retirement age, they’ll be able to collect Social Security...Continue reading