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Home office eligibility

Home office deduction eligibility: Our last post dealt with why you should absolutely claim a home office deduction if eligible. Today we discuss eligibility. To be eligible, you need to use a portion of your home, exclusively as a principal place of business. Regular usage means at least 45 minutes a day, 4-5 times a...Read More
worthhome

Is a home office deduction worth taking?

I constantly get told that “my accountant said that taking the home office deduction isn’t worth it. In addition, it would trigger an audit.” Have you heard that? Despite what you heard, these myths are completely untrue, if you are indeed eligible for the deduction. First, it won’t trigger an audit by itself. Secondly, we...Read More
averagecaruse

Average Car Use Percentage by Profession

People often ask what is a reasonable percentage of mileage to deduct for various professions. Although you certainly need a mileage log – preferably by using Taxbot – here is what the courts have allowed for various professions: Anesthesiologists 39% Attorney 30% Auto Dealer 70% Cemetery plot salesmen 80% Dentist (who directed clinics) 80% Doctor...Read More

Future proposed tax increases.

New proposed law: In order to balance the budget, there is a proposed law to have a 25% percent increase in the income tax rates. Yes, you read this correctly, In addition, there is a proposed increase in social security and Medicare of an extra 10% of salary up to $200,000 of earnings,which is up...Read More

Jury Pay Reimbursement

I was scheduled for jury duty today. It got me thinking. Many companies will continue to pay your salary as long as you turn over any jury pay that you received. You can get a deduction from adjusted gross income ( and not as an itemized deduction) in the year that you pay your employer...Read More