No one wants a visit from the Internal Revenue Service. But if you get too generous with your calculations, you may need to back up your tax return. “For individuals, it usually comes down to being too overly aggressive with tax deductions or benefits that could invite the IRS in,” says Logan Allec, a certified…
Under the IRS rules, a taxpayer is allowed to deduct expenses related to business use of a home, but only if the space is used “exclusively” on a “regular basis.” To qualify for a home office deduction you must meet one of the following requirements: Exclusive and regular use as your principal place of business…
If you find you’re suddenly unemployed or at home with your children all day or even just looking for some side income, starting your own home-based business can seem like the perfect choice. But it can also be overwhelming. Since grabbing a part-time job more than likely doesn’t fit with your schedule or your needs,…