Requirements to Claim the Home Office Deduction Regardless of the method chosen, there are two basic requirements for your home to qualify as a deduction: Regular and exclusive use. Principal place of your business. Regular and Exclusive Use. You must regularly use part of your home exclusively for conducting business. For example, if you use Read more about Do you qualify for a home office deduction[…]
W9 Form A W9 Form Form W-9, Request for Taxpayer Identification Number (TIN) and Certification is a request for your taxpayer ID number. Typically that is your social security number. Independent contractors normally complete a W9 form to give to their customers who will use the information to file Form 1099 in January of each Read more about Form 1099 vs W9[…]
The tax advantages of an S Corporation vs sole proprietorship or partnership is typically in the Self Employment tax. With a sole proprietorship or general partnership, all profits are in one bucket that flows out to the owner for taxation. The owner is taxed for income tax and self employment tax. Income tax depends on Read more about Tax Advantages of S Corporation[…]
What are my tax duties as a non-resident alien and LLC owner? Answer by Wray Rives CPA CGMA: First off I need to give you a disclaimer that taxation of non-residents by the US is a complex topic. I am going to give you general answers, but you really should contact a US tax professional Read more about What are my tax duties as a non-resident-alien and LLC owner[…]
We have heard a lot about tax reform, but nothing is yet law. We do now have an outline of what both the Senate and House think the new tax provisions should look like. While there are differences, there are a lot of similarities and if both houses already agree, you can probably expect that Read more about 2017 Tax Reform First Pass[…]
Are you looking for a hard and fast rule about what income is taxable and what income is not taxable? The fact is that all income is taxable unless the law specifically excludes it. Taxable income includes money you receive, such as wages and tips. It can also include noncash income from property or Read more about Taxable or Non-taxable Income[…]
Criminals use many methods to steal personal information from taxpayers. They can use your information to steal your identity and file a tax return in order to receive a refund. Here are 10 things the IRS wants you to know about identity theft so you can avoid becoming the victim of a scam artist. Identity Read more about Identity Theft and the IRS[…]