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November 4, 2022
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Tax Service

Tax Service

See if you qualify for any tax breaks for operating a business from your home. Is your home-based office a place of business?

Contigo tax service will help you receive all your deductions. A home office will qualify as the principal place of business if you use it exclusively and regularly to meet with clients or to conduct the administrative or management activities of your trade or business. There must be no other fixed location of the business where you can conduct these activities. Home office deductions cannot be more than your earned income. If they are higher, you may carry over the non-deductible expenses to the following year. Form 8829, Expenses for Business Use of Your Home, is used to claim a deduction for home office expenses for a self-employed person. The Tax Cuts and Jobs Act (TCJA) suspended the ability to deduct home office expenses for an employee beginning January

Do I qualify for home office tax deductions?

You may be entitled to a tax break if you are operating a business from your home. The following questions will help you determine whether you can deduct expenses incurred in connection with the business use of your home: Is this part of your home used regularly and exclusively in conjunction with your business or work?

  • Is this your primary place of business?

  • Is this where customers and clients meet with you?

  • Is this where you store product samples?

  • Is this where you administer or manage your trade or business?

If you answered yes to any of these questions, you may be able to deduct certain depreciation and operating expenses for the business use of your home. The same might apply if you use a separate structure (such as a shed), or store business-related supplies or inventory in an area of your home.

Will I owe taxes because of my unemployment compensation?

  • Generally, states don’t withhold taxes on unemployment benefits unless asked.

  • However, if you qualify for EITC, or the child tax credits, your taxes could be covered.

  • You can do a year-end tax check to see if you have enough credits and withholding to cover your taxes. You may still have time to make adjustments to lower your shortfall.

  • If you are still unemployed come 2021 tax time, you can set up a payment plan with the IRS or work out other delayed payment options.

  • The IRS assesses penalties on the balance owed when you file and when you pay late they also compound interest on the full bill daily

  •  The IRS has programs that may forgive your tax penalties. If you qualify, this will also help reduce your interest payments.

  • Click here and GET A QUOTE

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