As we enter tax season, it’s time to examine a variety of deductions you may be eligible to take. Home office deductions are a simple way to recoup money when using your home as an office space. Those who are self-employed or part of an LLC have one form to complete this process, but S-Corp brings a new challenge. Thank you to wilsonrogers.net for this detailed description of how to legally claim this important deduction.
Tag: Rental Property
Information Reporting for Rental Income
As of January 1, 2011, persons receiving rental income from real property have to file information returns (Form 1099-MISC) to the Internal Revenue Service and to persons that provide services for which they receive payments of $600 or more during the year for rental property expenses such as repairs and maintenance.
Form W-9 is available to give to service providers. I recommend obtaining the W-9 before paying the provider unless it is clearly obvious that payments will not exceed $600 for the year. Hear’s a comprehensive article in the Journal of Accountancy.