Home Office Archives - John R. Dundon II, Enrolled Agent

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Home Office

21 Nov New Office In Home (OIH) Deduction Review IRS Form 8829 & Revenue Procedure 2013-13

Posted at 00:00h in Home Office

According to IRS Revenue Procedure 2013-13 in addition to claiming the traditional office in home (OIH) or home office deduction on IRS Form 8829 there is now a new simplified option you can consider effective January 1, 2013. Basically this new simplified method if selected allows...

18 Jan The New Home Office Deduction Safe Harbor – IRS Rev. Proc. 2013-13

Posted at 00:00h in Business Expense, Deductible Expense, Employee Business Expense, Home Office, Self Employ, Small Business, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Records

The Internal Revenue Service announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. The new simplified option is available starting with the 2013 return most taxpayers file...

Business Entity Selection and the Tax Consequences of Converting

15 Aug IRS Publication 587: Business Use of Home

Posted at 00:00h in Home Office, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests

I am not a big fan of this deduction for a wide variety of reasons but mostly because there can be a substantial administrative burden associated with recapturing depreciation expense taken in previous tax years upon the sale of one's home in the current tax...

22 Mar Acquisition Debt and Divorce

Posted at 00:00h in Basis, Debt, Family, Gift Tax, Home Office, Marriage, Tax Guidance & Preparation

Generally speaking IRS regulations provide that debt incurred to acquire the interest of a spouse or former spouse in a residence, incident to divorce or legal separation, may be treated as acquisition indebtedness under IRC Sec. 163 (mortgage interest deductions) without regard to the treatment of the transaction under IRC...

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

08 Feb IRS Form 1040 Schedule C: Profit or Loss from Business

Posted at 00:00h in Accounting Method, Business Expense, Business Income, Car expense, Depreciation, Disallowed Expenses, Employee Business Expense, Entity Classification, FICA, Health Insurance, Hobby, Home Office, Husband/Wife, IRS Form 1040 Schedule C, Medicare, Net Operating Loss, NOL, Passive Activity, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Start up costs, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

IRS Form 1040 Schedule C: Profit or Loss from Business can be a tough form to work through. Tread lightly and seek guidance. The sole proprietorship or single member Limited Liability Corporation (LLC) is in my opinion the easiest type of business entity to set up...

08 Jul Home Office Deduction: IRS Publication 587

Posted at 00:00h in Business Expense, Cost Basis, Deductible Expense, Home Office, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Abuse, Tax Guidance & Preparation

Okay I'm taking another case to IRS appeals regarding the home office deduction. In preparation I reviewed IRS Publication 587: Business Use of Your Home and I pulled some relevant quotes. "You can have more than one business location, including your home, for a single trade...

16 Mar Home Office Deduction Pitfall – IRS Form 8829

Posted at 00:00h in Home Office

The home office deduction is something that you can choose not to take and sometimes that is the best choice. If you are legitimately using dedicated space in your house for your on-going business with a profit motive or you are required to keep an...

04 Mar Abusive Home-Based Business Tax Schemes – Misuse of the Law

Posted at 00:00h in Abusive Tax Shelter, Back Taxes Owed, Home Office, Self Employ, Small Business

The IRS has uncovered a number of schemes that claim to allow deductions for personal living expenses. Taxpayers should consider these points before investing in a possible abusive scheme: Any investment scheme or promotion that claims to allow a federal income tax deduction for normal personal...

25 Mar Home Office Deduction IRS Publication 587

Posted at 00:00h in Employee Business Expense, Home Office

If you use a portion of your home for business purposes, you may be able to take a home office deduction whether you are self-employed or an employee. Expenses that you may be able to deduct for business use of the home may include the...

13 Jul Can you take a home office deduction?

Posted at 00:00h in Disallowed Expenses, Employee Business Expense, Estimated Taxes, Home Office, Self Employ, Small Business, Sole Proprietor, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Relief

If you plan to run your small business out of your home you may be temped to “write-off” many of your household expenses. But how do you know what is deductible and what is not? Generally, expenses related to the rent, purchase, maintenance and repair of...