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  If you have no taxable income, should you claim the home-office tax deduction?   Answer: yes. Even with no taxable income, you have two for-sure tax benefits from the home office, and you likely have a third benefit.   By claiming your home office as your principal place of...

Tax-Saving Tips March 2019   When the Second Office in the Home Is a Principal Place of Business When possible, you want to claim that your office in your home qualifies as a principal place of business because this classification   gives you the home-office deduction, and eliminates commuting...

  Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if   you have high income, and you’re married and both you and your spouse are paying premiums.   Fortunately, the premiums can potentially help your tax situation. The dollar benefit of Medicare...

  Making loans to your corporation became more hazardous 33 years ago with the Tax Reform Act of 1986. That was pretty awful.   But the new Tax Cuts and Jobs Act tax reform made things worse for tax years 2018 through 2025. If you operate your business...

  When possible, you want to claim that your office in your home qualifies as a principal place of business, because this classification   gives you the home-office deduction, and eliminates commuting from your home to your regular office.   Current law gives you two ways to claim your...

New tax code Section 199A can give you a tax deduction of up to 20 percent of your taxable income reduced by net capital gains.   In new final regulations, the IRS has given clarity to the capital gains component of the Section 199A tax deduction.   You may...

Get ready.   You may be about to experience another encounter with the law of unintended consequences.   The Tax Cuts and Jobs Act gives you a possible 20 percent tax deduction on your rental property income. But that’s only if your rental property is a trade or business,...

What’s truly totally upsetting and avoidable?   A tax surprise!   Arthur E. Boyce claimed a $28,749 Section 179 deduction for the cost of his new truck.   In walked the IRS, and it denied the Section 179 deduction because Boyce leased the truck that he thought he purchased. The court...