Its time to gather your data for your 2018 tax returns. If you want us to take a look at your tax situation bring us your 2017 returns for us to review and give you the opportunity to ask questions.
Many of you may be receiving phone calls from someone holding themselves out as an IRS agent and telling you that you owe taxes and that you need to pay them right now or you will be arrested. You need to know that the real IRS NEVER NEVER calls people to threaten them for not paying their taxes. The IRS always contacts people via US Mail; if you get a letter from the IRS do not ignore it. Feel free to contact us to help you with such correspondence.
Effective for 2013 and forward the IRS will allow a deduction of $5 per square foot for the portion of the home that is used exclusively in a qualified business, not to exceed 300 square feet ($1,500). Additionally you can still deduct all of your mortgage interest and property taxes as itemized deductions.
For tax years beginning in 2018 the home office deduction is no longer available to employees as a miscellaneous itemized deduction.