Self Employment Success Poughkeepsie NY

Here are a few tax tips to make your work-at-home dream come true.

Jules E Shayo CPA
(845) 454-3480
2 Catharine St #230
Poughkeepsie, NY
Kirshon Shron & Chernick
(845) 473-1811
311 Mill St
Poughkeepsie, NY
Harris & Blamble
(845) 471-3326
238 Church St
Poughkeepsie, NY
Paul A Baldovin CPA
(845) 471-5626
2 Lagrange Ave #228
Poughkeepsie, NY
Robert G. Shepheard Jr. CPA P.C.
(845) 485-3000
488 Freedom Plains #122
Poughkeepsie, NY
HDL Associates Inc
(845) 454-4041
53 Academy St
Poughkeepsie, NY
Pangia & Co
(845) 454-4610
55 Market St #1
Poughkeepsie, NY
Desi Tax Services
(845) 559-0686
55 Market Street
Poughkeepsie, NY
Mark V Dennis CPA
(845) 454-9048
32 Haight Ave
Poughkeepsie, NY
D'Arcangelo & Co
(845) 473-7774
38 Haight Ave
Poughkeepsie, NY

Self Employment Success

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It's the modern American dream, isn't it? You wake up at 9 a.m. You make yourself a homemade cup of joe. You stay in your pajamas. And you get paid too. But the IRS has a few caveats to making the work-at-home dream, well, work. Here are a few tax tips so you can stay ahead on your taxes:

Deducting Expenses for a Home Office

In 1999, the rules for deducting expenses associated with a home office were loosened significantly, allowing many people who were previously denied the deduction to begin claiming it. If you're self-employed and use a portion of your home regularly and exclusively for the record keeping and management functions of your business, and you have no other location where you regularly perform such functions, you may qualify for a home-office deduction.

The rules are trickier for employees who work at home. Keep in mind that the use of a home office by an employee must be required by the employer, not merely permitted by the employer.

Don't Get Comfortable in Your Office Furniture

Here's another caveat: if you want to write off your new home office desk chair, don't even think about sitting in it after business hours. You can deduct the cost of your office furniture only if it is used for business 100 percent of the time. Ordinarily you would depreciate that cost over several years, but the section 179 expense deduction allows you to deduct the entire cost in the year of purchase if you qualify.

No matter how you figure it, a home office is definitely a complex deduction - there are a lot of regulations that surround it. We recommend you seek advice from your tax professional if you're planning to take this one....

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