Self Employment Success Utica NY

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

Moore & Hart
(315) 797-0560
P.O. Box 477
Utica, NY
Gene J Kurkowski
(315) 724-0713
124 Bleecker St #306
Utica, NY
Vincent J Gilroy Sr
(315) 733-8125
2810 Genesee St
Utica, NY
Podosek Accounting Service
(315) 732-8516
230 Genesee St
Utica, NY
Robert Deschano CPA
(315) 733-3930
301 Bleecker St
Utica, NY
Fagliarone Group
(315) 797-4409
286 Genesee St
Utica, NY
Gustafson & Co
(315) 735-0705
2249 State Route 5
Utica, NY
John D Dillon CPA
(315) 732-7044
286 Genesee St
Utica, NY
Rinehard & Fitzgerald
(315) 724-2145
291 Genesee St
Utica, NY
Ted Becker & Son Accounting
(315) 733-1111
1218 State St
Utica, 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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