Monday, October 20, 2014

Home Office Deduction: Rule Update

As an active supporter of business, I like the simplified home office deduction. The economy has been no walk in the park for most, and has motivated many Americans to start their own home-based business.


Home Office Deduction

Under the new IRS rule for 2014, you can bypass detailed expense records. This means that you simply deduct $5 for every square foot of home office space used, up to a maximum of 300 square feet, or $1,500. The simplified expense is recorded on Schedule C rather than Form 8829. You can then deduct mortgage interest and real estate taxes on Schedule A. READ MORE

Friday, October 3, 2014

Expat Taxes: 5 Tax Issues to Consider When Living Abroad

When living overseas, you must know your tax liabilities and vigorously plan ahead of time. Unfortunately, America pursues taxes worldwide so don’t expect to avoid a U.S. taxes by moving out of the country. Today we will look at expat taxes. READ MORE