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You are here: Home / Archives for taxes

taxes

Claiming a Simplified Home Office Deduction During COVID-19

April 26, 2020 By Cade Hildreth Leave a Comment

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

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Filed Under: Finance, Finance, Finance, Finance, Finance Tagged With: taxes, taxes, taxes, taxes, taxes

IRS Home Office Rules: What Counts During the Coronavirus Pandemic

April 4, 2020 By Cade Hildreth Leave a Comment

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

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Tax Strategies: How to Play the “Tax Game” Like the Wealthy

February 29, 2020 By Cade Hildreth Leave a Comment

Looking for tax strategies to owe less to the IRS this April? Or better yet, going after a larger refund? The tax laws are always changing, so it makes sense to maximize your return.

In the United States, we have a progressive tax system. Meaning, people who earn more should pay a higher tax rate than those who pay less. This approach is based on fairness and an “ability to pay”.

What is interesting, however, is that the American tax system is only progressive up to a point. It is progressive for lower and middle class Americans, but it is not for wealthy individuals. [Read more…] about Tax Strategies: How to Play the “Tax Game” Like the Wealthy

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Working from Home: The Secrets Of Claiming A Home Office Deduction

September 5, 2019 By Cade Hildreth Leave a Comment

Nearly 70% of all small businesses in the U.S. start at home, which is why it is valuable to understand the nuances of claiming a home office deduction.

This is due to obvious reasons (renting office space isn’t cheap), but working from home is a lot more financially advantageous than most people realize. The IRS has rules that allow business owners to write off rent, utilities, equipment, renovations, real estate taxes, and more. In many cases, these tax rules can bag you $1,000 or more come tax time.

The average person can take off a lot of their everyday expenses and alleviate some of the stress that comes with entrepreneurship. You can even have your home office in a separate space from your actual home. How much you can get off your home office deduction will depend on meeting certain requirements and keeping proper documentation. [Read more…] about Working from Home: The Secrets Of Claiming A Home Office Deduction

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What Is the Best Way to Organize Receipts for Taxes as a Freelancer?

September 1, 2019 By Cade Hildreth Leave a Comment

What’s the best way to organize your receipts? Since I’ve been an entrepreneur since I was in my early 20’s and now own multiple businesses, this is a question I’ve often asked myself. Another little known fact about me is that my dad (now retired) is a Certified Public Accountant (CPA), so I think a lot more about taxes than the average person.

As a freelancer, it’s vital that you save and keep track of all of your receipts. Having these receipts come tax season means you’ll be able to deduct those expenses. If you don’t have all of your receipts when it’s time for taxes, then you could be missing out on some savings.

However, saving all your receipts in a single drawer isn’t going to help you much. You need to know the best way to organize receipts to optimize your savings come tax time. Continue reading below for a few ideas of how to do just that. [Read more…] about What Is the Best Way to Organize Receipts for Taxes as a Freelancer?

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