Are you a business owner?
Whether you have a home-based business or a traditional “brick and mortar” small business, you’ll likely be interested in saving money on your taxes.
This week, Craig Siminski, of the Equity Design Group, shares some helpful information as Tax Season approaches.
The Tax Cuts and Jobs Act has made the tax code more favorable for small businesses. Still, owners will want to take full advantage of every legal tax break they can find. The following deductible business costs could help reduce your 2018 tax bill. Be sure to consult with your tax professional before you take any specific action.
Home Office Deduction
Business owners who operate out of a qualifying home office have two available claiming options, either of which could result in a larger deduction. Whichever option the taxpayer chooses, the eligibility criteria are the same. To qualify for a deduction, a home office must be used in a trade or business — not to manage personal investments or pursue a hobby. It must also be used regularly and exclusively for business.
Under the original method, eligible taxpayers can write off a percentage of home expenses such as depreciation, rent, property taxes, insurance, utilities, maintenance, and repairs. The percentage is based on the square footage of…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 20 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
Please remember to tell Craig the Green Bay News Network sent you!