Work-Related Expenses Archives - FREE Yourself from IRS Problems

Shamsey Oloko November 14, 2022 Bonus Depreciation, Business Expenses, Corporate Tax, Deductions, Depreciation, Hobby-related, Home-Related Deductions, Income, Income Tax, Interest Income, Itemized Deductions, Miscellaneous Expenses, Ordinary and Necessary Expenses, Qualified Expenses, Taxable Income, THORGOOD Law Firm, Travel Expenses, Work-Related Expenses 0

What New Business Owners Need to Know About Federal Taxes – Part 1 – Is It a Business (or a Hobby)?

Most of us engage in hobbies of some kind, whether it’s collecting Chinese restaurant menus or making birdhouses. At some point, your hobby may start earning you additional income. Later, if the time that you spend on your hobby increases,…

Shamsey Oloko November 5, 2022 Business Expenses, Corporate Tax, Home-Related Deductions, Taxable Income, THORGOOD Law Firm, Work-Related Expenses 0

The Tax Upsides (Or Downsides) of Working from Home

The Coronavirus pandemic changed how we live in many ways. It also changed how we work. Many Americans shifted their workplace to their home because of the pandemic. While some did it only temporarily, others have continued working from home.…

Shamsey Oloko October 11, 2022 Bonus Depreciation, Corporate Tax, Deductions, Depreciation, Expenses Deductions, Tax Cut and Jobs Act, Tax Legislation, Work-Related Expenses 0

There Is Still Time To Take Advantage of 100% Bonus Depreciation

Congress enacted the Tax Cuts and Jobs Act (“TCJA”) in 2018, which created a five-year window for taxpayers to take 100% in first-year bonus depreciation on qualifying property. The Act allows you to deduct 100% in bonus depreciation for any…