However, many self-employment deductions remain in place.Assuming you reviewed IRS Publication 587, “Business Use of Your Home,” and determined that you qualify, what are the home office expenses you can write off? They are covered in IRS Form 8829, “Expenses for Business Use of Your Home”, and the corresponding instructions. You will need to file Form 8829 with your taxes to claim your deduction.Expenses can be divided into two categories: direct and indirect expenses.
For the 2018 tax year, fewer of us will itemize, and those who do may find fewer deductions available due to the Tax Cuts and Jobs Act of 2017 (TCJA). However, do not rush through your return so quickly that you simply take the standard deduction and ignore deductions that can bring you a healthy refund. Consider these commonly overlooked tax deductions.
Charitable Contributions, Retirement Plan Contributions, State and Local Taxes, Mortgage Interest, Points, and Insurance, and more.
It’s one heck of an expense to track. At an estimated cost of $5.25 million just to air its 30-second ad, Expensify, a San Francisco company whose software tracks expenses, will debut its first-ever national advertising campaign this weekend during the Super Bowl. The commercial — a music video about making a music video — features rapper 2 Chainz filming a music video with “Parks and Recreation” actor Adam Scott playing the head of finance for a record label asking the rapper to file receipts for all of the costs of filming. Expensify isn’t new to advertising.
Got W-2s and 1099s? Now it is time to start getting taxes ready. Check out this article about the new tax brackets for 2018.
When I taught a class about bookkeeping for creative entrepreneurs, my first rule was this-> -> Keep Them Separated. Keep your business income and expenses separate from your personal income/expenses. If you do this, filing taxes will be less of a headache.
Your business’s income is your income. This is completely counter-intuitive because when you start filing all of your LLC paperwork and setting up your business bank accounts and all of that, everyone will tell you to keep your business income/expenses separate from your personal income/expenses. Don’t let clients deposit paychecks into your personal bank account. Don’t put business expenses on your personal credit card; if you need to fund your business with personal income (and many new businesses do), transfer the money to your business bank account and record it as a capital contribution.
Nearly 40 million low-income families will have their tax refunds delayed this year as a result of the International Revenue Service’s effort to combat fraud and identity theft. Families who have claimed child tax credits and income tax credits will be affected by the measure. The tax filing season kicks off on January 23, however, individuals who are filing for those specific claims will have to wait until February 15 for their returns to be processed. The delay is being put into place so that the IRS has more time to vet the returns for fraudulent activity. According to the IRS, in 2014, nearly $3.1 billion in fraudulent tax refunds was distributed to identity thieves. “For most of these people it’s the biggest check they are going to get all year,” IRS Commissioner John Koskinen told the Associated Press. Read More
One of the most valuable tax breaks that homeowners can claim is the mortgage interest deduction. Deductions reduce your taxable income, which can come in handy if you’re trying to work your way down to a lower tax bracket.