When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night? Tax Law The rules also affect your costs during the day. When you have an overnight business travel day,...
Do you claim a tax deduction for a home office? Should you include or exclude your garage space in your calculations of business-use percentage? The Culp’s Case Ronald Culp earned an office deduction for 78 percent of his home. That’s a nice percentage,...
You may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly...
Okay, so you took the big Section 179 expensing deduction on your vehicle. How do you keep it? You might wonder: What do we mean by “keep it”? In tax law, there’s no free lunch. The Section 179 deduction comes with “recapture strings” attached. When you claim your...
How do you avoid losing money by making the wrong choice? You may not have considered the choices you have for deducting the assets that you buy for your business. Example To create some perspective, let’s say you have seven employees who now work at least two...
