The Cayman's Are Popular for More Than Their Beautiful Beaches
December 5, 2014
The Home Office Deduction and Travel Expenses
December 11, 2014
Hello, I’m CPA Seth Baker and I have many years of experience assisting taxpayers in staying compliant with the IRS and to pay the least amount of tax as legally possible. I earned a Masters Degree in Taxation from the University of Denver. My Colorado based accounting firm prepares income tax returns for hundreds of individuals and businesses each year. The growth of high-speed internet access has changed the U.S. economy, making the world a more interconnected and smaller place. One repercussion has been the rise of telecommuting, also known as teleporting, which is considered to take place when an employee works from a location other than the employer’s office. Self-employed individuals are also finding it easier to work from home. The always –connected nature of the internet has also changed the way we travel for work. As with most business trends, teleworking and traveling for work have a variety of tax consequences for the worker and for employers. One example is that for those who work from home, a deduction for expenses related to having a home office is available; however strict rules govern the availability of this deduction. Additionally, a taxpayer engaged in a trade or business is entitled to deduct travel expenses. Call me soon to see if you qualify for these and other tax saving strategies. As always my initial consultation and review is complimentary.