Monthly Archives: March 2016
Home Office Do you work from home? Is there a special part of your home that you use exclusively for business on a regular basis? If your home office is the place where you meet clients, customers, or other business related persons, you may qualify to deduct expenses related to the operating costs. Generally, expenses […]
— Read moreStandard Deduction You can take this deduction, which reduces the amount of income which you are taxed on, as an alternative to itemizing all of your expenses. The standard deduction is variable depending on your filing status. In 2015, the standard deduction is: Single or married filing separately: $6,300 Married filing jointly: $12,600 Head of […]
— Read moreDonating items and other noncash contributions to a charitable organization can net you a deduction up to the full market value of the assets, as long as they were in your possession for longer than a year prior to the donation. If you owned the asset for less than a year, then the deduction is […]
— Read moreUsing funds form your IRA, whether a traditional plan or a Roth, can be a great way to cover some major expenses that you may incur through your lifetime. Just be aware of certain terms and conditions that apply when withdrawing. Home Purchase If you chose to withdraw funds from your traditional IRA before you’ve […]
— Read moreThe one piece of advice from tax preparers and financial advisors that’s relatively consistent is that you should always keep receipts to document your expenses. While that is certainly true, it’s not necessarily a deal-breaker when it comes to claiming expenses at tax time. That’s because of the outcome of a famous court case, Cohan […]
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