The generally favorable federal income tax rules for partnerships are a common reason for choosing to operate as a partnership with multiple partners instead of as a corporation with multiple shareholders. The most important partnership tax benefit rules can be...
Imagine this: your Schedule C business buys a home at the beach, uses it solely as an entertainment facility for business, pays off the mortgage, and deducts all the expenses. Is this possible? Yes. Are there some rules on this? Yes. Are the rules difficult? No....
If you do some work at home, you’re probably using your home internet connection. Are your monthly internet expenses deductible? Maybe. The deduction rules depend on your choice of business entity (proprietorship, corporation, or partnership). Deduction on...
Do you have a sideline activity that you think of as a business? From this sideline activity, are you claiming tax losses on your Form 1040? Tax Law Will the IRS consider your sideline a business and allow your loss deductions? The IRS likes to claim that...
When you travel out of town overnight, you need to know the tax-home rule. The IRS defines your tax-home, and it’s not necessarily in the same town where you have your personal residence. Tax Law If you have more than one business location, one of the locations...
