Skip to main content

Month: August 2019

Hudson Resident Looks for Answers

One deduction that can add up for small business owners is the home office.  However, take this deduction carefully as it can trigger an IRS audit.  You can qualify for this deduction if the area is used exclusively and regularly for business purposes.  This area must be used as the principal location for the business, or it is a place where you regularly meet with customers.

Continue reading

What Medical Expenses are Tax Deductible?

Litchfield Resident Seeks Advice

Qualified, unreimbursed medical expenses that exceed 10% of your adjusted gross income for the calendar year can be deducted from your taxes.  These deductions include preventative care, treatment, surgeries, dental and vision care.  Prescription medications also fall into this deduction.

Continue reading