Excess, nonmoving inventory is a common business problem that, fortunately, also contains its own solution. By donating that new, idle merchandise to charity, your business can earn a federal income tax deduction.
You may not know this, but you could have a home office on your hands and could be missing out on a major tax break if you ignore this deduction. So how do you know if you actually have a home office, and what can you do with it once you’ve established you have one?
While we can be certain that we’ll face taxes from time to time, that doesn’t mean that the rules will stay the same from year to year.Let’s take a look at a few of the changes that you may see when you do taxes this year.
If you ever aren’t sure on something a friend tells you about your taxes, always make sure to check the IRS site. If you can’t find the answer there, look to someone who is supposed to know tax laws before deducting anything on your taxes.
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