home office Archives

Making the most of the home sale gain exclusion

Oct 3, 2024 | Individuals

Considering downsizing your home or moving? If so, be sure to check whether you’ll qualify for the tax-saving home sale gain exclusion.

Is your home office tax deductible? Here are the rules

Sep 26, 2024 | Individuals

While many people work from home, not everyone qualifies for home office deductions. Here are the rules for eligibility.

When partners pay expenses related to the business

May 2, 2024 | Small Business

If you’re a partner in a partnership business, can you deduct expenses you incur on your personal tax return? Here are the rules.

Tax implications of working from home and collecting unemployment

Sep 28, 2020 | Individuals

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. Working from home Many employees have been told not to come into their workplaces due to the pandemic. If you’re an...

Big changes for individual income tax returns this year

Mar 4, 2019 | Individuals

When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you. Yes, individual income tax rates have decreased. But the Tax Cuts and Jobs Act (TCJA) has also made significant changes to personal exemptions, standard...

Homeowners save tax with home-related deductions and exclusions

Apr 24, 2017 | Individuals

Currently, homeowners have many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the...

Claim a home office deduction for business use

Jul 13, 2016 | Small Business

You might be able to claim a deduction for the business use of a home office. If you qualify, you can deduct a portion of expenses, including rent or mortgage interest, depreciation, utilities, insurance, and repairs. The exact amount that can be deducted depends on...

The tax consequences of a sale of your home

May 11, 2016 | Individuals

As the school year draws to a close and the days lengthen, you may be one of the many homeowners who are getting ready to put their home on the market. After all, in many locales, summer is the best time of year to sell a home. But it’s important to think not only...

Deduct home office expenses – if you’re eligible

Feb 9, 2016 | Individuals, Small Business

Today it’s becoming more and more common to work from home. But just because you have a home office space doesn’t mean you can deduct your home office expenses. Eligibility to deduct home office expenses If you are an employee, your use of your home office must be for...

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