Category: <span>Home Office</span>

Five things to know about employing your spouse.

Five things to know about employing your spouse.

Five things to know about employee in your spouse 1. Pay Your Spouse Tax-Free Employee Benefits, Not Taxable Wages   You’ll realize no tax savings if you put your spouse on the payroll and pay him or her cash wages.  Employee wages you pay your spouse are fully...
Tax Issues of Converting Your Residence into a Rental Property

Tax Issues of Converting Your Residence into a Rental Property

Tax Issues of Converting Your Residence into a Rental Property The simple maneuver of converting your personal residence to a rental property brings with it many tax rules, mostly good when you know how they work. The first question that arises when you convert a...
Can the IRS Require Odometer Readings with the Mileage Rate?

Can the IRS Require Odometer Readings with the Mileage Rate?

Can the IRS Require Odometer Readings with the Mileage Rate? Do you claim your business miles at the IRS optional rate? If so, imagine you are now being audited by the IRS for your business mileage. The IRS has requested odometer readings for your vehicle. You might...
Combine Home Sale with the 1031 Exchange

Combine Home Sale with the 1031 Exchange

Combine Home Sale with the 1031 Exchange You don’t often get the opportunity to even consider making a tax-saving double play. But your personal residence combined with a desire for a rental property can provide just such an opportunity.  The tax-saving strategy is to...
When the Second Office in the Home Is a Principal Place of Business

When the Second Office in the Home Is a Principal Place of Business

When the Second Office in the Home Is a Principal Place of Business When possible, you want to claim that your office in your home qualifies as a principal place of business because this classification gives you the home-office deduction, and eliminates commuting from...