Understanding the Basics The tax deductibility of landscaping and pest control expenses largely depends on the nature of your business and property usage. Home-Based Businesses If you operate a home-based business, you can potentially deduct these expenses, but with some
A Guide to Airbnb and Short-Term Rental Deductions
When you generate income from short-term rentals, it's classified as business income. This means you can deduct expenses related to your rental business to reduce your taxable income. Key Deductible Expenses To maximize your deductions, keep track of the following: Home Office Deduction
How to fill out form 1120-S
Form 1120-S is an income tax return for S corporations. S corporations are corporations that have elected to pass their income, losses, deductions, and credits through to their shareholders for federal tax purposes. This means that the shareholders of an S corporation report their share of the
Home Improvements and Tax Benefits
While home renovations are often motivated by personal preference or necessity, certain improvements can offer significant tax benefits. Let's explore some of the ways you can leverage home renovations to reduce your tax burden. Mortgage Interest Deduction One of the most common tax benefits
Are HOA Fees Tax Deductible?
The Short Answer: Generally, No. Homeowners Association (HOA) fees are typically not tax-deductible. This is because the IRS generally considers HOA fees as personal expenses rather than business or investment expenses. Why Aren’t HOA Fees Tax-Deductible? HOA fees often cover a variety of
EV Tax Credit: A Green Light for Electric Vehicles
The electric vehicle (EV) revolution is gaining momentum, and the recent passage of the Inflation Reduction Act has provided a significant boost. This landmark legislation includes provisions to extend and expand the federal EV tax credit, making it easier for consumers to transition to electric
Hawaii Housing Authority’s Eminent Domain Power: A Closer Look
The Myth of Governmental Morality A common misconception is that governments adhere to the same moral standards as individuals. However, governmental morality operates on a different principle: reason. While individual morality is rooted in reciprocity, government actions are justified by
Jacob & Youngs v Kent: What’s a Little Breach of Contract between Friends?
"If I let my lawyer tell me what I could do for my business, I wouldn't have a business." While this entrepreneurial spirit is admirable, it’s essential to balance it with a strong understanding of contract law. A well-drafted contract can protect your business interests, while a poorly written