Create your own business space
Q. I use part of my family room as an office for my sideline business. Can I claim home office deductions? K.R., Katonah, N.Y.
A. Potentially, yes. To qualify for home office deductions, you must use the office space “regularly and exclusively” for your business activities. But exclusive business use doesn’t mean you can never set foot in the room for personal reasons. Although the room doesn’t necessarily have to be physically partitioned off, a specific area of the room must be kept separate and identified as the business area. For example, you might keep a desk, file cabinet and computer and printer in the separate space.
Tip: Conversely, if you have a TV and couch and wet bar in the same area, the space won’t qualify.
Does employer owe extra?
Q. If an employee has to pay the additional Medicaretax, does the employer have to match it? M.L.P., Cleveland
A. No. The addit...(register to read more)
- Small Business Tax Deduction Strategies No matches