Profit Expert

Do you think accounting is important to your business?

When most businesses fail, it is because they do not manage their cash flow. Sounds simple enough, right? Yet, how many business owners did not know they were even going out of business until it was too late.

The events occurring before a business failure are found in the numbers (in other words, the accounting). We help you know exactly where you are headed so there are no surprises.

Save money on taxes

I specialize in helping individuals and businesses. By reviewing a taxpayer's previous tax return, consulting with them during the year, then preparing the return with tax-saving strategies in mind, I can minimize what the business owner pays to the IRS -- sometimes saving thousands in taxes. Schedule an appointment today to learn more.

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IRS Forms to file your returns for current or past years. Forms Link

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Source: Publication 587, Business Use of Your Home.

If you have no taxable income, should you claim the home-office tax deduction?

Answer: yes. Even with no taxable income, you have two for-sure tax benefits from the home office, and you likely have a third benefit.

By claiming your home office as your principal place of business when you have no business income for the year, or perhaps a business loss for the year, you gain three tax benefits:

  1. Your Schedule C-denied home-office deductions that produced no tax benefits this year carry over to next year, where they offset your business income.
  2. You no longer commute from your home to business stops. Instead, all such trips produce business mileage.
  3. Any business loss apart from the home office can create a net operating loss that you can apply against next year’s taxes.

The home office can be a good tax deduction, even in years when your business loses money. If you want me to review your ability to qualify for the home-office deduction or how the home office can produce benefits for you, please call me on my direct line at 323-743-3816.

Call 323-743-3816