IRS: Home Office Deduction Often Overlooked by Small Business Owners

WASHINGTON — The Internal Revenue Service today reminded small business owners who work from a home office that there are two options for claiming the Home Office Deduction. The Home Office Deduction is often overlooked by small business owners.

As part of National Small Business Week (April 30-May 6), the IRS is highlighting a series of tips and resources available for small business owners.

LEARN MORE NOW 

IRS adjusts health savings account limits for 2018

The Internal Revenue Service released the 2018 inflation-adjusted limitations for health savings accounts Thursday.

In Revenue Procedure 2017-37, the IRS said the annual contribution limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,450. For calendar year 2018, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $6,900. HSAs typically require high deductibles, but they allow people to set aside money from their paychecks on a pre-tax basis for medical expenses.

Learn More Now

3 Ways to Make the Most of Your Tax Refund

In this video, Entrepreneur Network partner Brittney Castro explains three good ways you can spend the money you get from your tax refund. The first way is to fund an IRA, so you can invest your money into retirement. To maximize the investment, Castro stresses the importance of meeting with a financial planner for this step to decide which kind of IRA would be best for you.
CLICK HERE FOR VIDEO

Picking the right tax break for dependent care

For those who have to pay someone to care for a dependent so they can work, there’s help in the Tax Code – provided they can figure out which program works best for them.

Right now, taxpayers can choose between two programs with overlapping requirements and benefits — the Dependent Care Assistance Program and the Dependent Care Tax Credit. Moreover, there are two more possibilities in the administration’s pending tax reform proposal.

1 2 3 4 25