taxes

Are you trying to find concrete tax deduction examples? Do taxes make your head spin? You’re not alone in your confusion. Research shows that a staggering 52% of Americans find the tax-filing process frustrating and stressful.

As the adage goes, death and taxes are the only two certainties in this life. While most of us know the strategies associated with prolonging our lives (eating well, building sustainable friendships, moving our bodies regularly), many people flounder when it comes to managing their taxes. [Read more…] about Top 6 Tax Deduction Examples You Probably Didn’t Know About

When it comes to taking a home office deduction on your annual taxes, there are two ways to do it—a  simplified home office deduction or a regular deduction. 

• With the simplified option, you use the square footage of your home office space (up to 300 square feet) and multiply it by $5 per square foot for a deduction of up to $1,500.
• With regular method, you use precise calculations that allow you to deduct expenses such as mortgage interest, insurance, utilities, taxes, repairs and more.

So, the question becomes, do you qualify to take a home office deduction? If so, which one should you use? Let’s dive in. [Read more…] about Claiming a Simplified Home Office Deduction During COVID-19

With employees across the country now unexpectedly working from home, life is suddenly much different and it raises many questions. From how to stay productive in a house full of distractions, to the best way to set up a makeshift home office. You may be learning on the fly how to navigate these uncharted waters.

One topic that has come up is whether new remote workers will have any basis for taking a home office deduction on their tax returns. The answer is… it depends. [Read more…] about IRS Home Office Rules: What Counts During the Coronavirus Pandemic