2 results for tag: Tax Avoidance


Home-Office Deduction If You Operate as a Corporation

Question What does the IRS audit manual say about the home office for an individual who operates his or her business as a corporation? Answer You will be interested in two boilerplate explanations from the Internal Revenue Manual that examiners use to explain why the IRS is denying the home-office deduction: We [the IRS] have disallowed your deductions for office-in-the-home expenses because you have not established that it was for the convenience of your employer. Voluntary, vocational, or incidental use of part of your home in connection with your employment does not entitle you to a business deduction. If you rent all or part ...

Is Now the Time to Transfer Your Home to Your Adult Child?

Let's say that your adult child wants to enter the world of homeownership and is looking to buy a home in today’s "Overheated" real estate market. Needless to say, anymore, it’s a struggle against the odds. Meanwhile, you’re ready to check out of your current home and explore your retirement possibilities. Maybe you want to downsize or move to a warmer climate or a lower-tax or no-tax state. Whatever the reason, you’re financially set and don’t really need the money from selling your home. So, consider the following options to help your home-starved adult child. Here, I will explain the Federal Income and Estate Tax Consequences....