Simple Method for Claiming Home Office Deduction
Apr07

Simple Method for Claiming Home Office Deduction

The IRS reminds people with home-based businesses filling out their 2015 federal income tax returns that they can choose a simplified method for claiming the home office deduction which is capped at $1,500 per year (based on $5 a square foot for up to 300 square feet). Normally, home-based businesses are required to fill out a 43-line form (Form 8829) often with complex calculations of allocated expenses, depreciation and carryovers...

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7 Recordkeeping Tips for Charitable Giving
Apr05

7 Recordkeeping Tips for Charitable Giving

If you’re planning to claim the charitable donation deduction on your 2015 Tax Return, the Internal Revenue Service requires you have records to backup the deduction. The law requires that you have all acknowledgements from the charity in hand before filing your tax return. These acknowledgements are not filed with the return but must be retained with your other tax records. Here are a few tips to ensure your charitable giving...

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