With more and more people claiming home office deductions as they open up a business out of their homes, they need to be careful and to be fully informed about what you can claim and what you can’t claim. This is becoming apparent by the fact that the IRS is making some of the home offices that claim items things the target for an IRS audit.
With that in mind you need to be careful and understand what you can claim what you can’t claim if you’re running a home office which includes telecommunications.
However, when you meet the qualifications set up by the IRS there are various things that you can claim so that you might get a tax refund rather than have to pay in these include,
· a portion of the real estate property tax that you pay on your home as well as a portion of the mortgage interest that you pay on your house.
· Your rent payments and utilities whether you are a home owner or not in the case of things like heat and Hydro.
· Painting and repairs that you can claim for depreciation on the value of your house.
It’s important that you consult the proper tax prep specialist to make sure that you are handling these deductions properly. It’s important to remember as well that you must use the portion designated as an office in your house for most of your work in a regular business day and as a meeting with clients.
If you telecommute there are a different set of regulations that need to be met if you have an employer who is outside the house will want you to work from your home.
Tax Refunds And Payday Loans
Of course the whole idea behind deductions is so that you can get some money back in a tax refund and some people even ‘jump the gun’ so to speak by trying to get a tax refund loan from the tax preparer who is working with their file. It’s important to remember here that while a tax refund loan might seem tempting, the best bet is still to go with a payday loan to ensure that the numbers involved aren’t being doctored.
Experts suggest that a small percentage of tax refund specialists actually increase the size of the tax refund on individual files so that they can get a bigger fee for a tax refund loan. The problem is so widespread that the IRS is even considering restricting how these loans are distributed, because as everyone knows it’s difficult to gauge what kind of money you’re actually getting back when you’re getting a refund.
That’s why it’s much better to go with a payday loan that’s based off a percentage of your income. You’ll always know all the numbers when you’re looking into a payday loan because the direct payday loan lenders that you talk with on the Internet are always willing to be upfront about these numbers.
This news blog post was brought to you by Pay1Day.com, a direct payday lender offering payday loans and current news briefings for the busy people.