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Congress recently passed the Tax Cuts and Jobs Act changing the tax code beginning 2018. This new tax law made significant changes to the corporate rate, dropping the rate from 35% to 21% and also dropped the individual tax rate to 37%. There are also other significant changes that will affect you.
How much of their home office expenses can be deducted is one of the most misjudged tax questions faced by home workers. The reality of home office expense deductibility is much more complex than the common perception.
For most of us, our home represents our largest asset. Over time, the management of this asset can make a big difference in our overall financial outlook. One of the largest planning opportunities home ownership brings is the favorable tax treatment afforded the sale of a primary residence.
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