Home Improvements and Taxes: What You Can (and Can’t) Deduct For any renovation or repair to qualify for a tax deduction, the work must qualify under IRS rules as a home (or capital) improvement. Examples of projects that may...
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How Can I Turn My Hobby Into a Business? Maybe you see how an off-hours activity can become a profitable company. Or perhaps you have a spouse who brings in sufficient income to support both of you, and you’d...
Using the Section 179 Deduction Section 179 of the U.S. tax code offers a tax incentive to small and medium-sized businesses by allowing them to take a full deduction on tangible assets in the year items were purchased and...
The Section 199A Deduction Section 199A of the Internal Revenue Code provides many owners of sole proprietorships, partnerships, S corporations and LLCs, as well as some trusts and estates, a deduction of up to 20% of income from a...