An important part of the qualification requirements for the home office deduction is that a portion of your residence be used regularly and exclusively for ... |
Most people do not start up a new business precisely on January 1. Most likely, you opened your business at some point after January 1 and before December 31, and your first year in the home office ... |
With most of your ordinary business expenses, if you have more expenses than you have income, your business can show a net operating loss that may be ... |
Note: This calculator require that you have Java installed on your computer. It is available, without charge, at the Sun Microsystems ... |
If you have determined that you qualify for the deduction, and you know the factors that affect the size of the ... |
Once you have finished computing your home office deduction, you need to be sure to claim it on the correct forms. |
If you've suffered the results of a theft, accident, fire, flood, or some other casualty during the year, you may be able to deduct some of your unreimbursed losses. |
A casualty, for federal income tax purposes, is a sudden, unexpected, or unusual loss or damage to some property you own. |
First of all, for income tax purposes, only losses to your property are deductible as a casualty loss. You can't deduct the loss of future earnings if your business is damaged in a fire, nor can you ... |
In order to claim a deduction for your casualty loss, you must be prepared to prove it. Specifically, if your tax return is audited, you should be prepared to show all of the following: |
