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Work From Home? Consider the Home Office Deduction

Work From Home? Consider the Home Office Deduction

Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction.  Here are six things the IRS wants you to know about the Home Office deduction

1. Generally, in order to claim a business deduction for your home, you must use part of your home exclusively and regularly:

  • as your principal place of business, or
  • as a place to meet or deal with patients, clients or customers in the normal course of your business, or
  • in any connection with your trade or business where the business portion of your home is a separate structure not attached to your home.

2. For certain storage use, rental use, or daycare-facility use, you are required to use the property regularly but not exclusively.

3. Generally, the amount you can deduct depends on the percentage of your home used for business.

Employee Business Expenses

Employee Business Expenses

If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. The IRS has put together the following facts to help you determine which expenses may be deducted as an employee business expense.

Expenses that qualify for an itemized deduction include:

  • Business travel away from home
  • Business use of car
  • Business meals and entertainment
  • Travel
  • Use of your home
  • Education
  • Supplies
  • Tools
  • Miscellaneous expenses

You must keep records to prove the business expenses you deduct.

20th Annual Reverse Draw Event

20th Annual Reverse Draw Event

The 20th Annual Reverse Draw to benefit the American Red Cross is coming May 17th!

Don't miss out--get your tickets now by contacting Heather Filipowicz at (716) 878-2396 or filipowiczh@usa.redcross.org.

Cool Gel ’n Cap Can Help Ease Earache Pain

Cool Gel ’n Cap Can Help Ease Earache Pain

Cool Gel ’n Cap, a unique first aid cap for children developed right here in Western New York, can help relieve your child’s fear and discomfort from bumps and bruises, earaches, ear infections and headaches. In this week’s article, we’ll cover the topic of earaches.

Earaches in children are a periodic source of discomfort, particularly in toddlers. In fact, toddlers have about four earaches per year, on average.

What's the difference between an earache and ear infection? According to Dr. Alan Greene at www.drgreene.com, “Earaches and ear infections overlap each other, but are not identical. This often causes confusion. An earache is the feeling of pain in the ear.

Six Tax Tips to Make Tax Filing a Breeze

Six Tax Tips to Make Tax Filing a Breeze

Tax preparation shouldn’t be so stressful. The IRS has put together six tips to help make your tax filing experience a breeze this year.

1. Don’t Procrastinate Resist the temptation to put off your taxes until the very last minute. Rushing to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an error.

2. Visit the IRS Website In 2010, more than 304 million visits were made to http://www.irs.gov.

What Parents Should Know about Their Children’s Investment Income

What Parents Should Know about Their Children’s Investment Income

Parents need to be aware of the tax rules that affect their children’s investment income. Here are four facts from the IRS that will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate:

1. Investment Income Children with investment income may have part or all of this income taxed at their parents’ tax rate rather than at the child’s rate. Investment income includes interest, dividends, capital gains and other unearned income.

2.

Health Insurance Tax Breaks for the Self-Employed

Health Insurance Tax Breaks for the Self-Employed

Here is some information from the IRS about a special tax deduction for the self-employed. You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following:

  • A self-employed individual with a net profit reported on Schedule C (Form 1040), Profit or Loss From Business, Schedule C-EZ (Form 1040), Net Profit From Business, or Schedule F (Form 1040), Profit or Loss From Farming.
  • A partner with net earnings from self-employment reported on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc., box 14, code A.
  • A shareholder owning more than 2% of the outstanding stock of an S corporation with wages from the corporation reported on Form W-2, Wage and Tax Statement.