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 […]
Tag Archives: Internal Revenue Code Section 162
The Internal Revenue Service just released the 2009 update to the Allowable Living Expense Standards on March 1. The ALE standards are used to reduce subjectivity in determining what a taxpayer may claim as basic living expenses necessary to avoid undue hardship when the taxpayer must delay full payment of a delinquent tax. The standard […]
[TaxMama note: This looks like a really important announcement. Especially if it means what I think it means! OK, I am sitting here trying to get my head around this phrase “not incurred in traveling away from home”. And I think I have it finally figured out – but have a call in to IRS […]