Working from home doesn’t automatically qualify you for a home office deduction. Before adding rent, utilities, or square footage, you must determine whether the workspace meets IRS business-use rules and whether you’re claiming it through a self-employed business. For freelancers, independent contractors, sole proprietors, and other self-employed taxpayers, the home office tax deduction turns on […]
Filing a tax return tells you what already happened. Tax planning happens earlier, while choices that affect the result may be open. The starting point is not a random list of deductions. Start with a realistic projection of current-year income, deductions, credits, and tax payments, compared with the tax shown on the return. A deduction […]
A client asks you for a W-9 Form, and a few short fields leave you wondering whose name belongs on it: yours or your business’s. Then you reach the tax classification box and the request for a Social Security number or employer identification number. It’s a routine request, but those choices depend on how the […]