Do you understand IRS Section 1250 rules?
It’s easy to get confused about tax laws and how to manage home depreciation, unrecaptured gains, etc. Let’s face it…working from home can be a great option. No question about it. However, there are potential landmines to avoid, one of them being depreciation of home office space. The IRS rules can be confusing and require time and energy on your part to understand. Will claiming a home office trigger an audit? Will selling your home require additional paperwork? Are you keeping the right records? Is the potential money saved worth the headache of worrying about an audit? These are questions you need to understand and seek help from a professional tax preparer if unsure. If you, like most home office based professionals in the Wake Forest, NC area, are a bit unsure about the potential tax implications, consider switching to an executive office or virtual office space. In addition to relieving yourself of the tax worries, an executive office space offers the following advantages to working from home:- Increased professional image
- Conference room space for client meetings, video conferences, etc.
- Mail storage so your private life is not co-mingled with business affairs
- Potential to expand your business with large office spaces
