Learn about taxes and home office deductions for both telecommuters and home-based businesses.
If you pay quarterly estimated tax, you make your payments on the 15th of every third month starting with April. However, if any of those estimated tax payment days fall on a weekend the IRS changes the schedule. This is the estimated tax schedule fo rtax year 2010. The last payment for estimated tax for 2009 is due on January 15, 2010.
IRS Form 2106 is used to calculate [i]unreimbursed[/i] business expenses for employees. These are then deducted on Schedule A.
There are two types of deductible expenses relating to the use of part of you home as a home office: direct and indirect expenses. [p]Direct expenses relate to the actual office itself, so this includes repairs and paint in your home office.
To determine if you qualify for a home office deduction on your federal income taxes, carefully review the IRS requirements for taking a home office. Not everyone who works from home will qualify to deduct expenses from the use of their home.
If you work from home and you meet the requirements to take a home office deduction, it might seem like a no-brainer to take the deduction on your federal income taxes. But be careful. A home office deduction is not always in everyone's best interest.
It may seem that if you work from home then you automatically qualify for a home office deduction on your income taxes. However, the IRS requirements for deducting your home office expenses vary depending on whether you are a telecommuting employee or a self-employed business owner.
IRS Form 8829 is used to calculate expenses for business use of your home, i.e. home office tax deduction, for independent contractors filing a Schedule C. This form is not used to deduct office equipment or furniture, but only to calculate the deduction for use of your home.
Important information about IRS Form 1099-MISC, including when you should receive it, plus links to download a 1099 - MISC.
Here are some tips and strategies for thinking about your taxes. There are special circumstances that apply to freelance writers and other creative professionals, so About.com's Guide to Tax Planning highlights what you need to know to prepare your taxes and to avoid IRS investigations.
Self-employed, freelance professionals such as writers, artists, art promoters, used booksellers and marketing consultants are among those who file a Schedule C. About.com's Guide to Tax Planning highlights some issues related to Schedule C.
Learn the pros and cons of taking a home office deduction from Randy Duermyer, About.com' Guide to Home Business.
For small business owners, who often must make quarterly payments, taxes are a year-round task. Make it a little easier on yourself with one of these business tax products reviewed by William Perez, About.com's Guide to Tax Planning.
Here are 15 free IRS publications that can be of considerable value to home business owners and the self-employed. You can take advantage of the information the IRS has to offer and they'll be happy you did.
Business resolutions for keeping your tax records in order from About.com's Guide to Home Business.
Before you claim your home office for tax purposes, it is important that you know the requirements and conditions of legally claiming home office tax deductions.
One benefit of working from home is that you may qualify to deduct some expenses if you use part of your home for business purposes, says About.com's Guide to Financial Planning. While there are some good tax breaks available, you first have to understand and make sure that you meet the IRS requirements.
The home office expense deduction is complicated. The IRS has a 32-page book (Publication 587) that discusses this subject. This article from About.com's Guide to U.S. Business Law/Taxes presents a brief overview of the subject. If you have a home-based business, check with your tax advisor about the home business deduction.
