Home Office Deductions

Posted on October 9, 2020December 10, 2020Categories Articles, Tax Tips

IRS reminds taxpayers of the home office deduction rules during Small Business Week   IR-2020-220, September 23, 2020 WASHINGTON — During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, the Tax Cuts and … Continue reading “Home Office Deductions”

Child Tax Credit 2020

Posted on October 9, 2020December 8, 2020Categories Articles, Tax Tips

CHILD TAX CREDIT IRS Tax Tip 2020-28, March 2, 2020 Taxpayers may be able to claim the child tax credit if they have a qualifying child under the age of 17. Part of this credit can be refundable, so it may give a taxpayer a refund even if they don’t owe any tax. The taxpayer’s qualifying child must have a Social Security number issued by the Social Security Administration before the due date of their tax return, including extensions. A dependent who … Continue reading “Child Tax Credit 2020”