Standard Mileage RatesThe standard mileage rates for the use of a car (including vans, pickups or panel trucks) for various purposes.
Deducting Legal FeesThese days, you are likely to incur some legal fees sooner or later. Then, you will naturally want a tax write-off to at least partially ease the pain. Whether a current deduction is in the cards depends on the circumstances.
Deducting Home Office ExpensesCosts associated with maintaining a home office (for example, rent, utilities, insurance, repairs, and depreciation) may be deductible. If the office space is also used for personal reasons, the entire home office deduction is usually lost. However, expenses such as qualifying mortgage interest and property taxes are generally deductible regardless of whether a home office qualifies for other deductions.
Avoiding the Hobby Loss TrapClassifying an activity as either a business or a hobby is critical for tax purposes since you cannot deduct losses from hobbies on your tax return. Making this determination, however, is not always clear-cut.