Tax Credits & Deductions

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Casualty Losses

Taxpayers who experience certain types of major personal casualties may be able to recoup some of their losses through tax savings. An itemized deduction may be available for personal losses from fires, storms, car accidents, and similar “sudden, unexpected, or unusual” events. Losses from theft are included as well. Individuals who don't itemize deductions [...]

By |2016-12-21T12:13:48-07:00June 30, 2014|Tax Credits & Deductions, Tax Rules & Laws|

Home Office Deduction for Self-Employed Taxpayer

Home office expense deduction for self-employed taxpayer If you're self-employed and work out of an office in your home, and if you satisfy the strict rules that govern those deductions (discussed below), you will be entitled to favorable “home office” deductions—that is, above-the-line business expense deductions for the following: the “direct expenses” of the [...]

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