Showing posts with label Depreciation. Show all posts
Showing posts with label Depreciation. Show all posts

Thursday, March 24, 2011

You can't do this on your tax return

Here are ten no-no's on your return.
  1. Claim head of household filing status when you're married
  2. Claim Earned Income Credit for a child that doesn't live with you
  3. Claim an exemption for a child that doesn't live with you and you don't have permission from the custodial parent.
  4. Claim the standard deduction when your spouse doesn't
  5. Claiming deductions for a hobby
  6. Claim an exemption for your pets
  7. Fail to file a tax return and claim the "taxation without representation"
  8. Deducting your home office when your employer provides a work station for you
  9. Deducting commuting expenses
  10. Deducting depreciation expenses on a vehicle you lease
In addition to the common tax return mistakes written previously, here are 11 more deductions you can't write off .

Friday, March 11, 2011

Can I deduct my home office?

If you use part of your home for business, you may be able to deduct expenses for business use of home from your business income. To qualify to deduct expenses, you must use part of your home:
  • Exclusively and regularly as your principal place of business
  • Place where you meet clients or customers
  • In connection with your business, a separate structure which is not attached to your home
Performing essential aspects of your business at home such as bookkeeping and administrative services does not make your home the principal place of business. However if you use your home regularly for administrative purposes and you have no other fixed location where you conduct your business your home will qualify.