When is Working from Home a Tax Deduction?

When is Working from Home a Tax Deduction?

When is Working from Home a Tax Deduction? The most recent changes to the tax laws stipulate that the home office deduction is no longer available for employees. If you are self-employed or an independent contractor, you might qualify for the deduction if you can pass two tests: Regular and exclusive use: You must regularly use part of your home exclusively for your business. Principal place of your business: You must be able to show that you use your home as your principal place of business. If you have another location and you ALSO use your home to substantially and…
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When is Mileage a Tax Deduction

When is Mileage a Tax Deduction

When is Mileage a Tax Deduction? There are only three times when mileage qualifies you for a tax deduction. Medical Mileage: 20 cents per mile Miles driven for medical purposes are deductible on Schedule A. The miles you drive to the doctor’s office, pharmacy, and hospital count. However, you only qualify for this deduction if your medical expenses exceed 10% of your income in a given year. Charitable Mileage: 14 cents per mile Miles driven for charitable purposes, such as donating goods or while volunteering, are deductible on Schedule A. So if you are volunteering for a non-profit to pick…
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Marriage & Taxes

Marriage & Taxes

Wedding bells are ringing! If you have or are about to marry the love of your life, life probably feels just perfect right now, and we here at TL;DR wish you a long and happy marriage. But how does marriage impact your taxes? Tying the knot causes some changes in how you file your taxes. Changes in Filing Status After Getting Married After you get married, should you choose to file your taxes as married filing jointly or married filing separately? Married Filing Jointly Married filing jointly is usually the biggest (tax) change that occurs after getting married. Married filing…
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