It’s Back – Deduction for Mortgage Insurance Premiums

Not specifically related to the sweeping Tax Cuts and Jobs Act (TCJA) that took effect for the 2018 tax year, the Schedule A deduction for mortgage insurance premiums (MIP.PMI) expired at the end of 2017.  However, in the evening of December 20, 2019 President Trump signed the Further Consolidated Appropriations Act, bringing the deduction back. …

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The home office deduction for small business owners

Are you a small business owner who works from home? If you are a self-employed individual who utilizes a portion of your home regularly and exclusively for business activity, and that area is your principal place of business, the home office deduction is available to you in 2019. Can you write that off? Find out! …

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Commuting Costs and the Home Office

In general, commuting costs are nondeductible. There is no deduction available for traveling between your home and your normal work location. But how does that change if your home is your normal work location? First of all, you need to establish that your home is your principal place of business. A number of our other …

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