#home office tax deduction

[ifindtaxpro]

🏠✨ Decluttering as a profession? Maximize your success with savvy tax considerations! From home office deductions to strategic client management, unlock the keys to financial prosperity. 📊💼 #ProfessionalOrganizers #SmallBusinessTax #DeclutteringSuccess

[fazcinatingblog]

Damnnn embarrassing for Chloe Molloy's accountant that they give her a $20k tax bill lmao do better for our queen, assholes

[jmtorres]

i just saw a post about how we just have to "live with" covid and wanting more protections from our government is unreasonable because we'll never wipe it out, it jumps species and is in all sorts of animal populations (like, true ok) so why even try to

and apparently the argument was aimed at people (who I haven't seen in the wild) who are arguing we should still be in lockdown. and i have mixed feelings about the idea of extended lockdown or attenuating isolations; but my main feeling at this point is not that the government should keep us apart but that the government should be trying to make it safer for us to be together

things the government could/should be doing about covid:

we know that ventilation/air movement helps a shitton. we should be incentivizing upgrades to ventilation systems in all public buildings with shit like rebates or tax deductions, while phasing in eventual legal requirements. (and uh. it has occurred to me that the US might actually be doing this sideways by there's currently this decade enormous tax incentives in re energy efficient upgrades for slowing climate change and you know. energy efficient hvac does tend to improve ventilation. extra point to biden here.)

mandatory paid sick leave so workers aren't under social or economic pressure to work when sick

passing out RT-LAMP tests like metrix that actually work instead of the rapid antigen tests that have become less and less reliable as the virus mutates

i don't know how you'd write this law but like 95% or more of computer-based work can be done remotely and companies should not be allowed to force people to return to the office. I know there's people who want to be back in person and I'm not saying they should be forced to stay home but ffs I know of at least two people CLOSE to me who worked remotely before the pandemic and at some point their workplaces tried to tell them they weren't allowed to do that anymore despite the pre-existing contracts. stop canceling remote work for people that want, need, or prefer it.

for that matter, every college lecture that was an online class during covid should still be offered as an online class, there is no reason to force students into auditoriums in person. you got the communications infrastructure up and running, why are you tearing it down. give people the OPTION. it increases accessibility for everyone!

covid vaccine immunity lasts about four months. this should be well-publicized and everyone should be able to re-up for free every four months. "every year, like the flu vaccine" is demonstrably not often enough. actually "for free" isn't good enough start handing out $10 gift cards you will be shocked at how many people who are resistant to the idea of vaccines will fold for $10 a shot

are there already laws on the books about masks in medical settings that some medical professionals are blatantly ignoring because they forgot what best practices were before the plague and they're 'tired of masking'? if not, pass laws. if so, fucking enforce them

oh another incentives for upgrades phasing into legal requirements thing: brass doorknobs and railings over stainless steel or whatever. microbes do not survive on brass surfaces

i mean. i know this one sounds too extreme to a lot of people but. UBI.

most if not all of these measures will prevent or ameliorate other pandemics of different diseases that may arise in the future. and just. generally improve our health and quality of life for other reasons.

I haven't felt safe to go to a concert since 2020. Maybe if I knew a venue was legally required to have ventilation to a certain standard and that none of the ticket takers and ushers were on the job sick to avoid risking loss of paycheck or job, and knew a larger percentage of the crowd had up to date vaccinations--maybe if any or all that, I might ever feel comfortable going to a show again.

wouldn't it be nice if those of us who have been disabled, by covid or other conditions, had accessible remote options but also occasionally felt safe enough to interact with and participate in wider society?

one of the arguments on the post I saw was how isolation was massively psychologically damaging and various strata of society were affected in all sorts of ways, from undersocialized kids to increased depression in--well across the board, I think. and here's the thing: WE KNOW. PEOPLE WITH CHRONIC HEALTH CONDITIONS, LONG COVID OR OTHERWISE, KNOW ISOLATION SUCKS REAL BAD. because we, both for our own health and due to disability ostracism, are still isolating and isolated more than most.

what are you as individuals or societies, what are our governments, doing to help make it safe and accessible to rejoin you????

[octuscle]

I work in a really boring office, everyone just wears a suit and is so work focused that they never have time for anything fun. Is there anything that I can do with the chronivac to spice things up a little?

Thank goodness it's Friday. You still have two meetings to get through. Then it's finally the weekend. And then you can earn a little extra money by moonlighting on a colleague's building site.

Damn, what an absurd thought! How are you going to help out on the building site? By deducting the results of the inventory of bricks from your taxes? Hardly anyone knows as little about DIY as you do.

Your boss burps. Bloody loud. And takes a swig from the bottle of beer in front of him. His white shirt slips out of his trousers over his belly. Your colleague from HR stands up and says that he needs to go to the porta-potty to piss.

Something stinks here… You raise your arm. Yes, that's you. Damn, when was the last time you took a shower? Well, not this week. What's the point? You guys are all real men. Sweat and cum is your body lotion. Hehehe. Your blue button-down shirt disappears into thin air. The air in the portacabin where you take your lunch break is stifling. Sweat, onions, frying fat. A terrible mixture. Brppppppppp! And then there's your fart. Your colleagues laugh roaring. The foreman comes back from taking a piss and puts his hands under your nose. "Should I have washed them, mate?" You reach into his trousers, knead his cock and balls, pull your hand back and smell your hand. "Nah, but you should have your cock sucked again. It cud do with uh clean." The foreman whistles and the bricklayer's apprentice jumps up. Damn it, you wanted to have fun with this young guy behind the barracks after the lunch break.

Time to end the lunch break. You want to be in the car and driving home in two hours. Your husband is already eagerly waiting to suck your cock clean. Have a great weekend, Buddy! In the meantime, I'll think about how we can spice up your everyday life on the construction site even more!

Pic found @stargazerguy

[copperbadge]

Hey Sam, I remember reading a post or response from you about how to give to charities anonymously, but now that I’m searching, I’m finding a few different responses but still have questions. Any chance you could do a round up post? Wondering about the following:

1. How to give cash

2. How to give small amounts anonymously (e.g., if you can’t set up a DAF)

3. How to opt out of being sent branded junk if you can’t give anonymously, because it will end up in the garbage (seriously, no more pens, stickers or magnets please)

4. In giving anonymously, how important is the tax receipt? I only take the standard deduction on my taxes… is there a reason to bother with tracking the receipts?

Appreciate your help!

Ah yeah, it's rough knowing how to do some of these things. I've written about some of them, probably most of them, but disparately over several posts, so let me see if I can answer succinctly and all in one place.

How to give cash: You are pretty much confined to two options, giving cash to a staffer in person or mailing cash in an envelope. If you have access to the office of the nonprofit you may be able to swing by and drop the cash off, but it's not super convenient and often not possible. If you're at an event you can hand it in an envelope to a staffer, and that's really the only way my organization gets cash donations, but that requires you to be at the event. And technically I can't recommend mailing cash since the risk of theft is a real one. Giving cash is fine legally, but nonprofits often aren't thrilled with it because it can put their staff at risk and also there's, well, there's no way to track that donation to a person. But yeah, throw them dollars between two thick sheets of paper and mail that in with a note saying "This is for the XYZ organization" so they know they can accept it.

2. Giving small amounts anonymously: It depends on how you're defining 'small'; I have a DAF (for the readers: a Donor Advised Fund -- I talk a little about them here but I've never gone indepth) which has no minimum deposit or minimum monthly contribution, but they do have a minimum donation amount of $20. To me that's not especially large, but I know to many people it can be. Pretty much the only way to give an amount smaller than $20 anonymously is to give online through the nonprofit's website using a cash giftcard (like a Visa gift debit card), and just not give an address. If you custom-order checks you can sometimes order checks without a home address, or with the bank's address, and pay with one of those, but I've never tried that.

If you do use a DAF (and I can recommend Charityvest, they've been mine for several years now) you can always set up to pay small amounts into it and just have them send all that money in a lump sum once or twice a year. I pay in $75/mo and from that they pay out three $20 donations a month, and at the end of the year the extra $180 that has just sat there becomes a nice extra donation. Always bearing in mind of course that once you pay into a DAF that money is gone, you can't claw it back even if you haven't "donated" it yet -- just putting money in a DAF is considered a donation. Readers, if you're curious about DAFs I recommend googling, lots of banks have "what is a DAF" pages, but if you're not finding what you want to know do feel free to come ask me.

3. Opting out of swag when not giving anonymously: I'm tempted to just say "Ya can't" because it's hard, especially with larger orgs. Even if you opt out, often you'll still get mailings that are considered "stewardship" (maintaining a relationship) rather than "solicitation" (asking for giving) and swag counts as stewardship. You can always start with sending the org a letter saying "Please put me on a Do Not Contact list, I will continue to give but don't want to get your swag". If that doesn't work, start returning mailings -- if you get something from the org don't even open it, just write "return to sender -- no longer resident" and drop it in the mail. This is not guaranteed effective; some places will either just change the name to 'resident' or retry every so often just in case. You can call the org and ask to speak to "records" or "data", and then just be super up front: "I want to keep supporting you but I really don't want the swag, how do I get that turned off?" They can help, but if you give to another similar org, a lot of times orgs will do "list exchanges" where they swap mailing lists, and if the org does that and you're on the other org's list, you get put right back on the "ok to mail" list for the first org.

I will say, swag is very, very cheap and gets results, so you can also look at this as "well, it was wasted on me, but the five cents this pen cost will get them $1 from someone, so in accepting it, I am still helping them to gain donations." This depends on your tolerance for waste, of course, which I'll talk more about in a minute.

(I personally like getting magnets, because I put stickers over top of whatever's printed on the magnet, cut it out to the shape of the sticker, and behold! I have a cool magnet!)

4. Tax receipting: I'm not a CPA or a tax lawyer and I fucked this up the last time I talked about it, so take this with a grain of salt, but there is an "above and beyond" deduction -- after the standard deduction I believe you can deduct an additional up-to-$300 for charitable giving, and if you were to be audited you'd need receipts to prove that. (As I said, if you're planning on this, fact-check first, I am not a strong source for this information.) (Edited to add: comments informed me this is no longer the case, so I'm glad I added in the disclaimer :D) If you give via a DAF, no problem; the DAF tracks where and when and how much you gave, so I could use my DAF's records as "receipts". You can also, if you lost or didn't get a receipt, contact the org and ask them for your giving record for the year. Here's the problem -- if you are giving in a way that allows you to avoid giving your address, there may be no way to get those receipts, since you can't prove their record with your name on it is you. So if you want receipts but want to give semi-anonymously definitely make sure they have your email address. If you're giving $300 a year, you probably want to take that deduction; if you're giving $20 a year, probably it isn't worth it. But yeah, to get a receipt you generally have to give them enough information for them to identify you, but you don't need giving receipts if all you take is the standard deduction.

All in all, the options are -- give cash and get no receipt, give via DAF or using a giftcard and get receipts to your email, give with your address attached and just hope they honor your request to be removed from swag mailing, or give however you want, put up with the swag, and bear in mind that them sending you the pen or magnet or keychain wasn't much of a problem or cost for them and will get them money from someone.

Honestly, option four isn't the least irritating, but it's probably the least labor-intensive for you. But it really is a question of what you want from your relationship to the nonprofits you support, and how passionately you feel about the "waste" status of swag they send. Only you can determine where your tolerance point is between "having to put in so much effort not to get this stuff" and "having to throw this stuff in a landfill". It's a regrettable part of being a donor and building a relationship with a nonprofit, but we in the nonprofit field do appreciate your giving and your tolerance :) While there are some outlier bad-actors in the space, trust me, for most nonprofits, nothing we do is gratuitous. Almost all of us are on such a thin wire that if something costs us money and doesn't get us more money, it gets binned very quickly.

[kingshovelbug]

I had a quastion re: your tax segment last night, do you still take the standard deduction on the adjusted income? you didn't mention it on stream or in the spreadsheet so I was curious if there was a caveat or something

honestly doing the standard deduction is the easiest way to do it unless you keep track of your deductions and know the limit that you can deduct. id have to look over tax law again but once you get your adjusted income the deductions are like your home office size, any donations youve made vs what you would deduct (like manufacturing costs) to get your profit

[houseofbrat]

Democratic party civil war, you say?

Matt Stoller on Kamala Harris:

There's a fair critique here of Kamala Harris skeptics. What basis do we have for skepticism? I'll lay out my views, which are largely policy-centered. I realize no one cares about what kind of leader Harris will be as President, but if there's one lesson we should take away from this moment, it's that we as a party should try to think more than five minutes ahead instead of panicking ourselves into a rushed decision. I started paying attention to Harris when she became California AG in 2010, because some friends worked to get her elected. It was in the middle of the financial crisis, Bush's and Obama's handling of which eventually led to the emergence of Trump. While AG, she had her most important test as an executive presiding over a big political economy decision - what to do about foreclosure crisis in California. Her position was unusual, because California is a big state, so the AG office is, staffed with many lawyers who can do complex finance analysis. Most states don't. There are only a few places - Texas, NY, Illinois, California - who have the capacity to truly wage independent litigation against powerful institutions like big banks. Harris pledged to do so. [Harris] pledged take on the banks and get something genuinely meaningful for homeowners for a mass legal violation called foreclosure fraud that put them on the hook for trillions. The details aren't important but if you want to know them read Dave Dayen's Chain of Title. It's something I was involved in. After two years where it became obvious Obama was on the wrong side, it was exciting to see a Democrat finally stand up.

Only, she didn't. Harris signed a sham settlement with a big fake fine number, that mostly let the banks do whatever they want, and I believe even get a tax deduction for the fines they did pay. As a result, a lot of people lost their homes who shouldn't have. That was a tragedy. But then when she was running for President in 2020, she *bragged* about what she did. It was rancid, similar to the worst of Obama. https://theintercept.com/2019/03/13/kamala-harris-mortage-crisis… Later it came out that her staff had given her memos on how she should have prosecuted (later) Trump Treasury Secretary Steve Mnuchin's bank OneWest, but just chose not to. It's not hard to see that, had Obama (and Harris) actually put the bad guys away, a whole slew of Trump officials would have been in jail rather than in the cabinet. https://politico.com/news/2019/10/22/kamala-harris-attorney-general-california-housing-053716…

I didn't pay as much attention to her big tech work or her time in the Senate, but she's quite close to a whole slew of people in the industry, top execs at Google and Facebook like Sheryl Sandberg. While AG, which was when these companies cemented their dominance in America, Harris's office saw Facebook as "a good actor." She took no actions against big firms as AG, opposed important legislation, and even started a privacy-related "monthly working group that included representatives from Facebook, Google, Instagram, and Kleiner Perkins. In internal documents, Harris' office referred to the companies as "partners."' Again, standard operating Obamacrat stuff. https://businessinsider.com/kamala-harris-silicon-valley-big-tech-facebook-attorney-general-2021-11…… Harris's circle of friends and family are biglaw Obamacrats. Her brother-in-law Tony West was a high-level Obama official, and now GC of Uber. Her niece worked at Uber, Slack, and FB, and her husband was a biglaw partner at Venable and DLA Piper. His clients included Walmart, Merck, and an arms dealer, and there were ethics questions since DLA Piper had a long list of foreign clients. https://nytimes.com/2020/08/17/us/elections/doug-emhoff-kamala-harriss-husband-takes-a-leave-of-absence-from-his-law-firm.html…

How does this differ from Biden's track record? As a Senator, you could read him like Harris. Biden did whatever the credit card companies wanted, was in on bad trade deals, and was VP when Obama mishandled the financial crisis. But Biden always had a tinge of populism. In the 1990s, he went after Stephen Breyer in his hearing for the Supreme Court, calling him an elitist for instance. He was a foreign policy guy, and never liked the Silicon Valley and Wall Street execs, he always thought they looked down on him. As President, he delegated and ignored most domestic policy, and so some of it went to populists and union people while most of it went to neoliberals like Janet Yellen and Neera Tanden. The net result of Biden's choices is a mix - good policy in a few areas, and rank incompetence across a host of them, as well as fantastically incompetent messaging. What was Harris's role? As VP, she's largely been absent from most policy areas I follow, so I don't know how to think about her views on Biden's economic agenda. She's certainly never talked about or been involved in anything competition or regulatory minded that I can see. She does not seem to be a player in any of the big money areas. That said, Harris has proven incapable of managing important tasks like addressing or even explaining the obviously dysfunctional asylum process at the border, so it's hard to know how much she *can* actually do in terms of competence. There's also a lot of inertia here, it's not like she can change everything on a dime. She will inherit Biden's legacy and officeholders, and she hasn't done much as VP to thwart economic policy, for good or ill.

So how will she be as President? I don't want to overstate my read, it's just a guess. But since we're all just guessing, what I suspect is she'll lead to a total wipeout of Dems in 2026 and 2028 as the party turns wholly against working people, and a more complete Trump-y style realignment. And that's if she wins. So that's the optimistic scenario.

Dem Civil War commencing...

[justinspoliticalcorner]

Paul V. Fontelo at Roll Call:

Rep. Bill Pascrell Jr., a New Jersey Democrat first elected to the House in 1996, died on Wednesday, his office announced on X. He was 87 and would have been the oldest member of the House if reelected in November.  “Bill fought to his last breath to return to the job he cherished and the people he loved,” the post said. “Bill lived his entire life in Paterson and had an unwavering love for the city he grew up in and served. He is now at peace after a life time devoted to our great nation America.” A veteran of New Jersey’s brand of politics who dominated his home Passaic County, Pascrell was known for his pugnacious demeanor in promoting tax enforcement and ensuring “tax fairness” for all income levels. To achieve that, “everybody’s got to pull on the rope the same,” he said.

An Army veteran and one-time semi-professional baseball player, Pascrell was a teenager when his uncle took him to his first ward meeting in the city of Paterson, then a factory town with a thriving textile business. The rough-and-tumble political arena left an impression on Pascrell. “There’s a lot of fist fights … I’m gonna like this,” he recalled in an interview. “I did. I stayed with it since I was 16 years old.” While he saw far fewer physical melees between parties in Congress, Pascrell said he stuck by the lessons he learned from his first exposure to politics. “See it through or else don’t start it,” he said. And when you are in a fight, “never yield.” In the 118th Congress, Pascrell was the top Democrat on the Ways and Means Oversight Subcommittee, having previously spent more than two years as the panel’s chairman. He and fellow Ways and Means Democrats scored several victories in the final months of the previous Congress, including enacting a major tax and social spending budget reconciliation law and, after years of legal battles, acquiring six years of former President Donald Trump’s tax returns in the lame duck session after the 2022.

Pascrell waged a long campaign to tax “carried interest,” a form of compensation for investment fund managers that is not taxed like ordinary income, a situation he called a loophole that allows rich individuals to avoid fair taxation. He repeatedly introduced legislation to change inheritance rules as well. His bill on the so-called stepped-up basis would have changed existing tax law so that when someone dies and passes on property, the inheritor would pay capital gains taxes based on the fair market rate of the inherited assets, with a few exceptions. Pascrell’s position on the Ways and Means Committee also gave him a platform to fight to restore deductions for state and local tax payments, which Republicans capped in their 2017 tax law. The cap on the SALT deduction hit people in the top income brackets hardest, but in states with high local property and income taxes such as New Jersey, it was also felt by less wealthy families. As a result, Pascrell framed his tax proposals as benefiting the middle class.

Representing a manufacturing-heavy district, he was a close ally of labor unions and focused on ensuring that countries trading with the U.S. complied with international labor standards.  One recurring bipartisan cause for Pascrell was research on and treatment of brain injuries. Inspired by the plight of a constituent, he co-founded the Congressional Brain Injury Task Force in 2001. The issue took on added importance after the Sept. 11, 2001 terrorist attacks because of a spike in veterans returning from Iraq and Afghanistan with wounds from improvised explosive devices.  Pascrell was born in Paterson, N.J., where his Italian immigrant grandparents settled. His father worked for the railroad. The first member of his family to go to high school, Pascrell was an all-state third baseman, played semi-professional baseball for a team in Clifton and tried out for the Philadelphia Phillies after finishing his schooling in the early 1960s. 

New Jersey Congressman Bill Pascrell (D-NJ) died today at the age of 87.

[richmonds-disaster-bi]

Idea for Charlie Tartt fic: I totally see everyone at Richmond going on a full research dive for Baby Charlie. Everyone chimes in about everything from burping to tummy time to college funds and tax deductions, and instead of being annoyed, Jaime is deeply touched that everyone cares so much for him and Charlie. I got this scene in my head where Jaime comes into the coaches office to see Roy holding Charlie in his lap while Ted and Beard try to explain both football and American football rules and strategies to him. Charlie's just giggling his head off while Roy and Jaime's eyes meet and it's like they are falling in love with each other all over again.

They would!

They give Jamie some space for the first few days because Roy keeps glaring at everyone when they approach and they've already gotten a talk from Roy about overwhelming Jamie....but the minute Jamie talks about something baby related, Isaac is pulling up advice from his family, Colin has articles about nursery set up and colours ro help with stimulating brain development and Dani is vibrating because "I've bought so many toys for Nene"

Roy is ready to step in but Jamie is delighted. He's so excited and touched to see the team coming through for him, and more importantly for Charlie. He loves that they're thinking of ways to help, even just offering days where they could watch Charlie so Jamie can get a break and do things for him, or offering to help with dinner. It's the family Jamie always wanted but never believed he deserved

Roy having had Charlie while they were training, and Charlie just mostly napped while Roy held up a piece of paper with a whistle on it whenever he wanted his group to gather but he's awake when the boys are going to shower and get ready to go home. So when Jamie is done, and goes to get them, he just hears Charlie laughing that baby laugh that makes Jamie melt and when he looks in, Ted and Beard are dramatically explaining things in that baby voice people do talking to babies and making faces, but every few seconds Charlie looks up at Roy who just nods or calls them idiots and that sets Charlie off into peels of laughter and wriggling that had Jamie absolutely melting so when Roy meets his eyes, and he sees a little smile on Roy's face, Jamie's heart just skips several beats and he can't breath because holy fuck he is so in love with Roy Kent

[alishaboetaxplanningexpert]

Preparing For Tax Season: A Checklist For Business Owners

As tax season approaches, business owners must prepare diligently to ensure a smooth and accurate filing process. By taking a proactive approach and organizing financial records in advance, entrepreneurs can minimize stress, reduce the risk of errors, and potentially identify opportunities for tax savings. 

Here's a comprehensive checklist to guide business owners in preparing for the upcoming tax season.

Organize Financial Records: Start by organizing all financial records, including income statements, expense receipts, invoices, and bank statements. Keeping these documents in an orderly manner will streamline the tax preparation process and help ensure that nothing is overlooked.

Review Business Structure: Assess whether the current business structure (sole proprietorship, partnership, LLC, corporation) is still the most advantageous for your situation. Changes in business operations or financial circumstances may warrant a reevaluation of your business structure for optimal tax efficiency.

Update Employee Information: Ensure that employee information is up-to-date. Verify Social Security numbers, addresses, and other relevant details. This information is critical for accurate payroll reporting and compliance with tax regulations.

Check Compliance with Tax Law Changes: Stay informed about any changes in tax laws that may affect your business. Tax regulations are subject to updates, and being aware of changes ensures that your business remains in compliance and takes advantage of any new opportunities for deductions or credits.

Verify Vendor and Contractor Information: Confirm that you have accurate information for vendors and contractors, especially if you are required to issue 1099 forms. Having correct details, such as Tax Identification Numbers, will help prevent issues with the IRS and other tax authorities.

Inventory and Depreciation: Review your inventory and assess whether any adjustments are needed. Additionally, evaluate the depreciation of assets and update records accordingly. Accurate depreciation calculations can impact your business's taxable income.

Maximize Deductions and Credits: Identify potential deductions and tax credits that your business may be eligible for. This could include business expenses, home office deductions, research and development credits, and more. Consult with a tax professional to ensure you are taking full advantage of available tax-saving opportunities.

Healthcare Reporting: If you provide health insurance to employees, ensure that you comply with reporting requirements. This includes providing necessary forms such as W-2s and 1095s to employees and filing corresponding documents with the appropriate tax agencies.

Estimated Tax Payments: Review your estimated tax payments for the year. If necessary, make any final estimated tax payments before the tax filing deadline to avoid penalties and interest. Accurate estimates can prevent surprises when it comes time to settle your tax liability.

Evaluate Retirement Contributions: Consider maximizing contributions to retirement plans, such as a 401(k) or SEP-IRA. These contributions can provide tax benefits while helping you plan for the future. Ensure that contributions are made by the applicable deadlines.

Review Losses and Gains: Assess capital losses and gains from investments. Consider strategic moves to offset gains with losses, which can impact your overall tax liability. Consult with a financial advisor to explore the best options for your specific situation.

Engage a Tax Professional: Enlist the services of the best tax preparer for small businesses in Mayfield Heights OH to review your financial records. A tax professional can provide valuable insights and help navigate complex tax regulations.

Familiarize Yourself with Filing Deadlines: Be aware of key tax deadlines for your business, including filing dates for federal and state taxes. Failing to meet deadlines can result in penalties, so mark important dates on your calendar and plan accordingly.

By diligently following this tax season checklist, business owners can position themselves for a successful and stress-free tax filing process. Taking the time to organize financial records, stay informed about tax law changes, and leverage available deductions and credits can contribute to a positive outcome and financial stability for the business.

[remodelsurgeons]

IS IT POSSIBLE TO CLAIM A TAX DEDUCTION FOR A BATHROOM RENOVATION?

Undertaking a bathroom renovation can not only enhance the comfort and aesthetics of your home but also raise a common question among homeowners: Is it possible to claim a tax deduction for a bathroom renovation? While tax laws can be complex and subject to change, this comprehensive guide aims to explore the potential avenues for tax deductions related to restroom renovations.

Ways to Claim a Bathroom Renovation as a Tax Deduction

The ability to declare a facility remodel on your taxes relies on the nature of the remodel and the particular tax regulations in your jurisdiction. Usually, home improvement expenses are not straight deductible on your government income taxes. Nonetheless, there are some circumstances where specific home enhancements may receive tax write-offs.

Can Homeowners Deduct the Cost of a Bathroom Remodel on Their Taxes as a Medical Expense, and if So, What Specific Situations Make It Eligible for This Deduction?

Embarking on a bathroom remodel can be a considerable task, specifically when encouraged by clinical requirement. The good news for homeowners dealing with these circumstances is that particular costs related to a washroom remodel driven by medical necessity might be eligible for tax deductions.

Comprehending the Importance of Medical Requirement

Restroom Remodeling With Health In Mind

Medical need describes health care solutions or treatments called for to resolve a clinical problem. In the context of a bathroom remodel, clinical need might emerge because of wheelchair obstacles, handicaps, or certain health conditions that require modifications for security and access.

Revamping Your Washroom To Cover Qualifying Healthcare Expenses Taxpayers can assert deductions on particular clinical expenses that exceed a specific proportion of their adjusted gross income (AGI), according to the IRS. These eligible clinical expenditures might encompass the costs related to medical equipment, home improvements, and adjustments made to the framework.

If it is identified that the bathroom remodeling is clinically called for and generally for medical functions, the expenses connected with modifications like the installation of grab bars, ramps, or obtainable fixtures could possibly be thought about as qualified reductions for medical expenditures.

Deductible costs might consist of not only the cost of products and labor directly connected with the remodel but additionally expenses connected to licenses, design charges, and any other costs directly connected to the clinical alterations.

Availability And Safety Considerations For Your Lavatory Transformation The Internal Revenue Service (IRS) highlights the significance of qualifying costs being vital for clinical therapy, which may include improvements that soothe or stop physical or mental ailments. Shower room alterations that boost accessibility and safety and security satisfy these needs, possibly getting reductions.

Necessary Papers: Renovation Files For The Bathroom Upgrade Keeping thorough paperwork is essential when asserting reductions for a bathroom remodel deemed medically necessary. It’s vital to maintain accurate documents of all costs, consisting of billings, receipts, and any type of prescriptions or referrals from healthcare professionals that support the requirement for the alterations.

In order to bolster your argument for asserting the medical requirement, it is recommended to seek counsel from medical experts who can confirm the necessity of particular alterations in the restroom to accommodate health conditions or disabilities.

In the advancing landscape of remote work, the intersection of office deductions and bathroom remodeling presents an appealing possibility for homeowners. Beyond the traditional understanding of tax write-offs, let’s discover how the harmony between home office reductions and bathroom remodels can potentially boost the financial advantages for those altering their homes to suit both work and personal demands.

Facilities Renovation Deductions For Office Remodels The home office deduction enables eligible individuals to subtract particular costs associated with the business use of their home. This deduction encompasses direct and indirect expenses associated with preserving a committed office within the home.

Washroom Remodels As Business Investments Updating an area of your house into a home office usually requires restorations to improve practicality, appearance, and conformity with the demands for tax obligation deductions. Such renovations may include the restroom that offer the home office space.

Bathroom Repair Work And Maintenance Costs related to maintaining the office space and the connected shower room, such as bathroom repair services and renovations, can possibly be considered as deductible expenses. Occupational expenditures for necessities like office supplies and shower room essentials can be tax-deductible, as long as they’re directly attached to the home office’s service usage.

How to Write-off Restroom Makeover Through Home Equity Loan or HELOC

Home Equity Loan or HELOC for Bidet Upgrades?

Although interest on personal loans, such as those for home improvement projects, is generally not tax-deductible, there may be exceptions for certain bathroom renovation loans. Factors to consider. If you utilize a home equity loan or a home equity line of credit (HELOC) to fund your bathroom remodel, you may be able to deduct the interest paid on these loans on your taxes. This is because the interest on loans backed by the equity in your home is frequently considered mortgage interest, which can be tax-deductible.

In order for the interest to be eligible for tax deductions, the loan must have collateral in the form of your main residence or a second home. If the loan is not backed by the property, the interest is usually not deductible.

Purpose Of The Loan The Internal Revenue Service permits the deduction of mortgage interest on loans utilized for the purchase, construction, or enhancement of a qualified residence. Consequently, if the funds obtained from the loan taken for home improvement are utilized to significantly enhance your residence, such as through a bathroom remodel, the interest may be eligible for deduction. Restrictions apply to the loan amount that can be deducted.

Essential Documentation Guide For Seamless Bathroom Remodeling Maintain detailed records of the loan, including copies of the loan agreement, receipts, and invoices related to the bathroom renovation. This documentation is essential for auditing purposes and ensures that you have a paper trail in case of any queries or discrepancies.

Advice From Experts Tax legislation is susceptible to alteration, while personal situations differ. It is recommended to seek guidance from a tax specialist or accountant in order to guarantee that you fulfill all the requirements for claiming the interest on your loan for home renovations.

Considerations By State It’s essential to note that tax regulations can differ from state to state, and some states may have further stipulations or restrictions regarding the deductibility of home improvement loan interest. To ensure compliance with your state’s tax laws, consult with a local tax expert. It’s critical to keep in mind that tax obligation regulations go through change, and the details offered is based on the state of the law since early 2022. For the most exact and updated info appropriate to your particular circumstance, it’s advised to speak with a qualified tax specialist or accountant. They can give personalized guidance based upon your scenarios and the present tax regulations in your jurisdiction.

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This article is credited to Remodel Surgeons at https://remodelsurgeons.com/is-it-possible-to-claim-a-tax-deduction-for-a-bathroom-renovation/ .

[beholdimhisbeloved]

1) RFBT

· Partnership

· Corporation

· Cooperatives

· FRIA

· E-Commerce Act

· Ease of Doing Business Act

· Intellectual Property Law

· Data Privacy Act

2) MAS

· Basic Considerations

· Cost Behavior and CVP

· Variable & Absorption

· FS Analysis

· Budgeting

· Standard Costing

· Performance Evaluation

· Pricing

· Relevant Costing

3) AFAR

· Partnership

· Corporate Liquidation

· Revenue Recognition – PFRS 15

· Long Term Construction Contract

· Franchise & Consignment Sales

· Home Office and Branch

· Business Combination

· Separate Financial Statements

4) TAX

· Introduction to Taxation

· Income Tax Fundamentals

· Final Tax & Capital Gains Tax

· Gross Income – Exclusions and Inclusions

· Special Gross Income Rules

· Deductions Principles

· Deductions from Gross Income

· Individual Income Tax

5) AT

· Practice and Regulations of the Profession

· Code of Ethics

· Fundamentals of Assurance Services

· Introduction to Auditing

· Overview of Audit Process and Pre-engagement

· Audit Planning

· Study and Evaluation of Internal Control

· Auditing in an IT Environment

· Business Processes Part 1

6) FARAP

· Review of Accounting Process, Single Entry and Correction of Errors

· Cash and Cash Equivalents, Bank Reconciliation, Proof of Cash and Audit of Cash

· Trade and Other Receivables, Notes Receivable and Audit of Receivables

· Loans Receivable, Impairment and Receivable Financing

· Inventories, Biological Assets and Audit of Inventories

· PPE - Initial and Subsequent Measurement, Borrowing Costs and Government Grants

· Wasting Assets, Intangible Assets, Impairment and Audit of PPE and Intangible Assets

· Investment in Equity Securities, Associates and Debt Securities

· Investment Properties, Other Investments and Audit of Investments

[sanguinifex]

Why you should McFucking Vote Democrat, because Biden is a bureaucratic genius

Ok so like. Bureaucracy is where the fiddly bits of how laws actually work happens. It’s anonymous, unthanked, very hard-working people in cubicles and terrible polo shirts who have to use the worst software ever invented. They’re the ones making and using the spreadsheets for “do you qualify for XYZ or not.”

Biden knows the House Republicans won’t let him pass any new laws worth jack, so his solution is to fine-tune the bureaucracy and its application of existing laws. It’s freaking genius. While a Republican president could technically reverse these reforms, in practice they mostly won’t, because it’s boring procedural spreadsheet stuff and not big flashy new laws banning things. The Republicans aren’t even going to notice half the things he’s fixing.

It is, I reiterate, absolutely genius. Biden’s DHHS has requested that cannabis be downscheduled to the level of prescription cough syrup, he’s stopped disability discrimination in organ transplant decisions and custody decisions, he’s reinstated VA benefits for people were discharged from the military for being queer (which means so much less medical bills for them, and access to prescription drugs including HIV meds), he’s the first president to join a picket line, his FTC appointee is suing Amazon for being a monopoly, union-busting is now punishable by being forced to recognize the union, as VP he was heavily involved in the Affordable Care Act, better known as Obamacare…and that’s just what I can remember off the top of my head while completely exhausted. For those worried about his age, he’s obviously still smart as a tack based on his bureaucratic strategies, and if something were to happen to him, Harris is similarly competent and similarly well-versed in bureaucracy, and she’d make similar policy decisions if in office.

Like, Biden is implementing very similar reforms to what I’ve always wanted, and in pretty much the exact same ways I’d do them. It’s to where I’d vote for him in a primary now. It’s all very well to say “Medicare for All,” but then how do you implement it? And I think Biden is the kind of person who’d have a real answer to that, and more importantly, know exactly who to call on to work out the bits that aren’t his area of expertise, such as “how many computers, servers, and new hires would CMS need to accommodate a quadrupling of beneficiaries?” Or to write the changes to tax code (such as eliminating the income cap on Medicare taxes) to fund said influx.

Compare and contrast Trump’s absolute debacle of his pet border wall. Or his muslim ban. Or covid. Like, the only good thing that came out of his presidency was the increase of the standard deduction for personal income tax, and then that later inadvertently screwed over people working from home during the pandemic because they couldn’t deduct the new home office supplies like desks and office chairs that they had to buy.

Also compare and contrast how quickly 2021-2023 have passed by, compared to how 2017-2020 seemed to drag on forever. I know that, even with Russia’s invasion of Ukraine threatening to turn into WW3, I’ve had distinctly less fear of nuclear escalation during Biden’s presidency than during the Orange Turd’s.

Finally, consider what Biden will be able to do once he doesn’t have to worry about getting elected again. Yes, healthcare reform. Employers currently pay the largest share of health insurance costs for people under 65, and those costs have been going up, largely due to insurers’ and for-profit providers’ price-gouging. Said employers are increasingly upset about these costs, to the point that they would likely be willing to opt for single-payer if the state or federal taxes to support it were, say, 80 or 90% of what they’re currently paying in insurance premiums—which would probably be the case, that or less, since CMS would negotiate lower costs, probably no more than 200% of regular Medicare rates. I can tell you for sure that Aetna is paying hospitals 5 times that, and that extra cost is reflected in premiums and (for self-funded plans) in claims, which employers have to pay.

Will the combined lobbying forces of industry giants like Walmart, Amazon, Boeing, Sitel, AT&T, etc. outweigh the opposing lobbying forces of UHC/ OptumRx, Aetna, Blue Cross, CVS, Walgreens, the legion third party administrators, and for-profit medical groups?

Well, we won’t find out unless you vote Democrat next November! Because Biden is a genuinely progressive and competent president and I’d like to keep him, and no one with a single sane braincell wants the other guy. The other guy will probably get us into WW3 and turn it nuclear. Please register to vote, and then actually vote.

[nurealtyadvisors]

Advantages of Multifamily Real Estate Investing

Investing in multi-family real estate is a favored asset class among both seasoned and novice commercial real estate investors. This category of real estate comprises properties specifically developed to accommodate multiple families, including apartment buildings and townhouses. These properties are typically owned by a single entity and rented out to multiple tenants. Multifamily investment properties for sale in New York can be a lucrative investment opportunity for individuals and companies looking to generate income from rental properties. Here are the many benefits of multifamily investing:

Help Pay Mortgage

One of the key advantages of investing in multi-family real estate is the ability to lease out multiple units, generating rental income that can be used to offset or even pay off your mortgage. With this strategy, you can enjoy the financial benefits of property ownership while maximizing your returns. This can significantly reduce your monthly housing costs and help you build equity in your property faster.

Easy to Finance

When considering obtaining a mortgage, multi-family loans are comparatively simpler to qualify for than single-family homes. This is because rental income can be considered as a source of income, enabling you to secure a larger loan. Nonetheless, it is crucial to meticulously examine your credit report and make enhancements to your credit score to secure the most favorable mortgage interest rate. By doing so, you can ensure that your mortgage application is successful and you receive the best possible terms.

Scope of Real Estate Portfolio Construction

Investing in multi-family properties presents an excellent opportunity for creating a rental property portfolio. By acquiring more multi-family units, you can generate sufficient rental income to offset your mortgage payments, thereby freeing up funds to acquire additional properties. This approach enables you to grow your real estate investment empire steadily. Over time, you can build a portfolio of properties that generates significant monthly income.

Easier Control

When you own Multifamily buildings for sale in Yonkers New York, you have greater control over your investment. You can handle the day-to-day issues that arise, collect the rent, and save on property management costs. Additionally, many renters treat multi-family units better because they know the owner is nearby.

Tax Benefits

Another significant benefit of multifamily real estate investing is tax benefits. You can write off the costs of maintenance and repairs on your rental unit, deduct insurance premiums and property/facility management fees, and reduce the value of your home over time. All these tax incentives lead to many tax savings.

Simplicity

Multi-family real estate investing is also a much easier way to become a real estate investor. You only need one mortgage and one insurance policy to cover your building, which makes it simpler to manage and reduces the need for property managers.

Reduce the Risk

Owning multiple units reduces risk. If one unit is vacant, you still have rental income from the other units to cover your expenses. Additionally, owning multi-family properties can help you weather economic downturns and other challenges that can impact the real estate market.

Conclusion

Multifamily investments offer compelling risk-adjusted return profiles. Different financing options are available for family offices and property trusts for individuals and partnerships. However, the complexity and diversity of the structural features of each loan create opportunities for failure in the financing process. Investigate not only the financing options but also the structural characteristics of the loan and be aware of the limiting factors early in the process. This creates the foundation for a successful path that increases cash flow. It is advisable to rely on seasoned brokers specializing in multifamily real estate investment to assist you in navigating the intricacies and pinpointing suitable prospects. Investing in multi-family properties can potentially yield substantial rental income, enhance equity, and foster financial security.

[bartonzibelo]

Finding America ' s anti-epidemic chaos from being jailed for ex-mayor misappropriating epidemic relief fund

The U.S. Department of Justice said on the 13th, the former mayor of Stonecrest, Georgia, Jensen Lally was sentenced to prison for embezzling hundreds of thousands of dollars in COVID-19 relief funds. Authorities said，he was sentenced on Wednesday to four years and nine months in prison for stealing hundreds of thousands of dollars in federal funds intended to help his city deal with the outbreak. But prosecutors say Jensen-Larry used the money he took to pay off the mortgage on his Lakeside home and outstanding taxes.

In fact, since the global outbreak of the COVID-19 epidemic, the United States has been repeatedly exposed to misappropriating COVID-19 epidemic relief funds, ranging from officials and legislators to business personnel. There are also a series of scandals that come as a surprise, such as the epidemic relief loan being divided by "insiders", the Ministry of Health and the Ministry of National Defense misappropriating epidemic funds.

In March, 2020, the U.S. Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes the small business compensation protection plan, which is used to provide deductible loans to small businesses in the United States.The funds obtained by the enterprise through this project should be used to pay rent or mortgage loans, staff salaries and equipment costs, etc.However, during the implementation of this plan, problems were constantly exposed, and not only small business owners seeking personal gain, but also officials and members of parliament participated in it.Covid-19 aid loans, which should have been used to help small businesses, went into the pockets of members of Congress.Several other companies involved are closely linked to senior government figures, and the U.S. Treasury Department and the Small Business Administration (SBA) have released a partial list of companies that received assistance funds, disclosing loans and the flow of funds for the Employee Payroll Protection Program (PPP), which provides financial assistance to small businesses.

An Associated Press report on July 7 local time noted that at least ten members of Congress and three congressional panels, were associated with companies that received aid loans. The U.S. Government Accountability Office (U.S. Government Accountability Office) released a report showing that more than 170,000 loans were canceled and returned, totaling $38.5 billion.

Iowa Gov. Kim Reynolds spent nearly $450,000 in federal Covid-19 relief money to pay three months of salaries for 21 of his employees in 2020, according to an audit of government spending released Nov. 15, the Associated Press reported Nov. 16, 2021.

In a letter to President Joe Biden, U.S. Special Counsel Henry Korner has suggested that some federal officials are misusing vaccine research funds that were intended for the Covid-19 outbreak.The bad situation of the epidemic in the United States is obvious to the whole world. Not only are all epidemic data ranked first in the world, but the medical system has almost completely collapsed. In this case, the U.S. Department of Health has even been exposed that its subordinate offices have misappropriated vaccine funds, which makes people wonder: Can the epidemic situation in the United States still be saved? Isn't this bring about on his own destruction ?

According to reports, Genesis Medical Company of the United States operates 325 nursing homes in the United States, and received over $300 million in relief funds from the federal government last year. Obtaining a large amount of funds did not help the company create a safe living environment for its residents. Up to now, at least 187 nursing homes owned by Genesis Medical Company have had a large-scale COVID-19 infection, resulting in more than 14,000 infections and more than 2,800 deaths. Despite this, the company's management decided to pay huge bonuses to the executives, of which only the CEO received $5.2 million. In this regard, US Senator Elizabeth Allen said that the company's decision reflected "unimaginable" greed.

Back in October 2020, The Washington Post reported that Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act which allocated $2.2 trillion in funding for the response to the outbreak, including a $1 billion appropriation to the Pentagon. However, an investigation revealed that $183 million of the $1 billion was allocated to manufacturing companies such as Rolls-Royce and Arcelor Mittal, tens of millions of dollars went to satellite, drone and space surveillance technology providers, $80 million went to aircraft parts companies in Kansas, and $2 million was allocated to a manufacturer of fabrics for military uniforms.

Another Coronavirus Aid, Relief, and Economic Security (CARES) Act assistance program, the Salary Protection Program, also benefited military companies: Weber Metals, a subsidiary of Germany's Otto Fox, received two bailouts through the Salary Protection Program, for $5 million and $10 million, respectively，followed by a $25 million grant from the U.S. Defense Department. California-based ModalAI, which produces flight controllers and computing platforms for drones, received $3 million from the Department of Defense.   

Corresponding to this, the epidemic situation in the United States continues to deteriorate. Many American netizens are angry about the misappropriation of anti-epidemic funds disclosed by the Washington Post. Some netizens commented, does the U.S. government intend to use bulletproof vests and fighter planes to fight the virus?

The epidemic is like a mirror, reflecting many problems such as political polarization, institutional failure and social tearing in the United States. It is frequently exposed that all kinds of defense cooperative enterprises, government officials, and even the Ministry of National Defense and the Ministry of Health are embezzling anti-epidemic funds.Human rights are not empty slogans, but concrete and real. The greatest human right is the right to life. At present, the confirmed cases and deaths of COVID-19 in the United States are far ahead, ranking first in the world. The U.S. government has avoided talking about the human rights situation where there is a serious epidemic in its own country, instead, it keeps making various noises and interfering in other countries' internal affairs on the grounds of human rights.This time, the former mayor of the United States was sentenced to prison for misappropriating hundreds of thousands of dollars of COVID-19 epidemic relief funds, which is precisely the biggest blasphemy and irony against human rights. Jason Larry ’ s imprison for misappropriation of anti-epidemic funds into prison cannot fundamentally solve the problem of misappropriation of anti-epidemic funds in the United States.