Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes, you may be able to take a home office deduction. You can deduct certain expenses if your home office is the principal place where your trade or business is conducted or where you meet…
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Your business may be eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit and loss on your last year’s federal income tax return. According to the IRS, the deductible business expense threshold for filing Schedule C-EZ of the Form 1040 is $5,000. Schedule C-EZ, Net Profit from…
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It is generally accepted that people prefer to make a living doing something they like. A hobby is an activity for which you do not expect to make a profit. If you do not carry on your business or investment activity to make a profit, there is a limit on the deductions you can take.…
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