Category Archives: Office in Home

Home Office related

Boat Office

Today TaxMama hears from Keith in the TaxQuips Forum, with an interesting question. “There’s no office space near me, so I want to buy a boat as the office for my C Corp. I could easily maintain a log for any recreational use to facilitate separating business and personal use.” http://taxmama.wpengine.com/forum/taxquips/boat-office/

TaxMama’s® Tax Optimization Secrets

[This Special Report is only for TaxMama Family Members and Prime Members. It is a transcript of a special session just for members of Alex Mandossian’s courses.] By Eva Rosenberg, MBA, EA  WHY is tax optimization so important to help you achieve greater success?  You are here at Alex Mandossian’s TeleSeminar Secrets course because you […]

Taxing Your Patience – H&R Block Goodies

HOW TO ENTER: Entering the contest requires the following three things: You must be a free member of TaxMama.com. Choose a username, password, enter your name and email address and register here Post your question on the “Taxing My Patience” forum You must be eligible for the competition – see rules and regulations here Today […]

Closed Business

Today TaxMama hears from Mary in Oregon, who tells us. “I have run a day care business in my home for many years and have taken business use of home and depreciation. I am now shutting down the business; but I am not selling my house or any of the depreciated assets. When do I […]

Worker, Homeownership, and Business Assistance Act of 2009

Key provisions in the bill: Worker, Homeownership, and Business Assistance 1) The credit is renewed to home purchases under contract as of April 30th, as long as the purchase closes within 60 days. (That means you don’t have to rush to close escrow by the end of this month. Whew!) 2) Other homeowners qualify for […]

Home Office Expense Carryover

Today TaxMama hears from Mark in Illinois, with this problem. “Taxpayer has claimed the home office deduction for a couple of years. There is a build up of carryover expenses. During 2008 taxpayer quit doing business from his home. Taxpayer continued in the same line of business for the remainder of the year from a […]

Is it Too Good To Be True? Home-Based Business Tax Avoidance Schemes

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. The home office deduction is available for homeowners and renters, and applies to all types of homes, from apartments to mobile […]

Land vs Building

Today TaxMama hears from Tom in Pasadena, CA who tells us, “I am a hair stylist and I am going to start working exclusively out of my home. I will have 2 rooms of my townhouse used solely for business. When I take the depreciation for the business use of my home do I need […]

Tips for Taxpayers Making a Move

If you changed your home or business address, you’ll want to remember these six tips to ensure you receive any refunds or correspondence from the IRS. 1. You can change your address on file with the IRS in several ways: Correct the address legibly on the mailing label that comes with you tax package Write […]

Standard Office in Home Deduction Proposed

Simplifying the deduction for small businesses with an office in the home is one of SBA’s Office of Advocacy 2008 Top 10 Rules for Review and Reform. The Top 10 are drawn from over 80 rules nominated by small business owners and representatives as part of the SBA’s Regulatory Review and Reform initiative. Submitted by […]

Home Office Carryforward

Today TaxMama hears from Erin in Washington State who wants to know. “For the unused home office deduction, can I choose not to claim home office deduction in the years of loss and claim it when I make a profit?”

Mixed Tele-Signals

Today TaxMama hears from Charles in Louisiana, who tells us. “I have an Internet consultation business (LLC) and I use my Internet connection and mobile phone primarily (but not exclusively) for business. Should I be able to expense these?”