How small business owners can deduct their home office from their taxes

Tax Tip 2022-10, January 19, 2022 — The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business.
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Tax Professionals, Small Businesses, Self-Employed

Frequently asked questions about the prevailing wage and apprenticeship under the Inflation Reduction Act

The Inflation Reduction Act of 2022 (IRA) amended and enacted various clean energy tax incentives that provide increased credit or deduction amounts if certain prevailing wage and registered apprenticeship requirements are met. Treasury and the IRS published final regulations on June 25, 2024, providing rules and definitions for taxpayers seeking to satisfy the prevailing wage and apprenticeship requirements. These frequently asked questions and answers are based on the final regulations.
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Individuals, Businesses, Tax Professionals

Mortgage & interest expense for individuals with partnership interests Form 1116 and Sch. K-3 - YouTube video text script

Mortgage & interest expense for individuals with partnership interests Form 1116 and Sch. K-3 - YouTube video text script
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Tax Professionals

401(k) plan fix-it guide - Participant loans don't conform to the requirements of the plan document and IRC Section 72(p)

401(k) Fix-It Guide - Participant loans don't conform to the requirements of the plan document and Code Section 72(p).
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Administrators

Written Testimony of Daniel Werfel, Commissioner, Internal Revenue Service, before the House Oversight and Accountability Committee Subcommittees on Government Operations and the Federal Workforce and Health Care and Financial Services on IRS Operations

Oct. 24, 2023 — The Commissioner speaks before the House Oversight and Accountability Committee Subcommittees on Government Operations and the Federal Workforce and Health Care and Financial Services on IRS Operations.
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Individuals, Tax Professionals, Charities and Nonprofits, Governments, Businesses, News Media, Trusts and Estates

Form 1116 — Certain income re-sourced by treaty - YouTube video text script

Form 1116 — Certain income re-sourced by treaty - YouTube video text script
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Tax Professionals