Run a business from home?

Home Office Deduction. Do you qualify for a home office deduction? If you run a business from home, you may be entitled to a home office deduction. This is only if you claim your home office as a business write-off on a Schedule C, as miscellaneous deductions have been eliminated for tax years 2018-2025. Your business space doesn’t have to take up an entire room, but you have to use that space exclusively for business

The child and dependent care credit

Here’s who qualifies a taxpayer for the child and dependent care credit. Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. Taxpayers who pay for daycare expenses may be eligible to claim up to 35% of what they spend; limits apply. For the purposes of this credit, the IRS defines a qualifying person as: • A taxpayer’s dependent who is under age 13 when

Tax Credits versus Tax Deductions

Tax Credits versus Tax Deductions. Which is worth more to you? Every industry and profession has common terms that are used so often those of us in the business often forget that most people do not have the depth of understanding that a person working within the tax code might have. One of these areas is understanding the differences between the tax terms “deductions” and “credits”. Is one better than the other? Top line. Dollar

How to Maximize Deductions for Assisted Living

It’s possible that someone in your family will need assisted living care at some point in their life. This care can be at an assisted living facility, a nursing home, or in their own home. Assisted living care is expensive and not fully reimbursable by typical health insurance policies. There is a medical expense itemized deduction when the out-of-pocket amount exceeds 10 percent of your adjusted gross income. Here’s what you can do to increase