Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes you may be able to take a home office deduction.
(PRWEB) January 19, 2017
Due to the advent of tax season, CPA Michael R. Henderson, president and managing partner of M R Henderson & Company, P.C., is sharing the top three tax tips for businesses.
No. 1: Domestic production deduction. “If your business is engaged in a qualifying production activity you may be able to take a tax deduction for your U.S.-based business activities,” noted Henderson.
No. 2: Business eligibility for schedule C-EZ. Certain businesses may have become eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit and loss on their federal income tax return, according to the IRS.
No. 3: Deductible home offices. “Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes you may be able to take a home office deduction,” concluded Henderson.
M R Henderson & Company, P.C. employs two CPAs, two accountants who are studying to become CPAs, and three paraprofessionals. M R Henderson & Company is also expanding from 2,520 to 4,510 square feet to accommodate growth.
About M R Henderson & Company, P.C.
M R Henderson & Company, P.C. operates nationally, providing quality financial guidance to individuals and major corporations.Services include Tax Management, Assurance and Advisory, Estate and Trust Planning and Tax Preparation, Litigation Support, Bookkeeping, Employee Benefits, Pension, and Profit-Sharing Plans, Financial Projections and Forecasts, Accounting, Audits, Reviews, and Compilation, Financial and Retirement Planning, QuickBooks Accounting Help and Assistance, IRS Representation, Cashflow and Budgeting Analysis and Mergers, Acquisitions, and Sales. For more information, call (605) 665-6007, or visit http://www.mrhenderson.co. The office is located at 118 W. 3rd Street, Yankton, SD 57078.
About the NALA™
The NALA offers small and medium-sized businesses effective ways to reach customers through new media. As a single-agency source, the NALA helps businesses flourish in their local community. The NALA’s mission is to promote a business’ relevant and newsworthy events and achievements, both online and through traditional media. For media inquiries, please call 805.650.6121, ext. 361.