Beginning with tax year 2013, the IRS is offering a Simplified Method for deducting expenses related to business use of your home. This is a welcome change since this deduction has confused so many taxpayers. Most of us don’t know whether our home office qualifies, or, if it does, how to take the deduction. What Qualifies as a Home Office? ThereContinue reading “New Home Office Deduction for the Self-Employed”
Category Archives: Self Employment
5 Commonly Missed Business Deductions for Sole Proprietors
New business owners are often unprepared for the tax that comes along with self-employment income. With wages, which are subject to federal income tax, Social Security (SS) tax and Medicare tax, the burden for the SS and Medicare is split between the employee and employer. Those who are self-employed must pay both portions and itContinue reading “5 Commonly Missed Business Deductions for Sole Proprietors”