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Top IRS Tips to Know about the Home Office Deduction

 

Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction.

Here are six tips to keep in mind about the home office deduction:

1. Regular and Exclusive Use. Generally, taxpayers must use a part of their home regularly and exclusively for business purposes. The part of a home used for business must also be:

·         A principal place of business, or

·         A place where taxpayers meet clients or customers in the normal course of business, or

Debt Cancellation May be Taxable

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016.

Here are 10 tips about debt cancellation:

The Olear Team Earns Top Team Award from MJ Peterson

The Olear Team Earns Top Team Award from MJ Peterson

The Olear Team, led by Michael Olear, was recently named MJ Peterson’s top real estate team for 2016 at the company’s 33rd annual awards ceremony. The Olear Team produced more than $18 million is sales in 2016 to win the award for a second consecutive year.

“I am extremely proud of my talented team and to be part of a company that has been serving the people of Western New York since 1930,” said Olear. “Our team employs a transaction coordinator, a marketing coordinator and other administrative staff so that we can provide a well organized and comprehensive plan of action specifically tailored to our clients’ needs. We will do everything in our power to three-peat in 2017 by offering the quality service that our customers have come to expect!”

Capital Gains and Losses – 10 Helpful Facts to Know

When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment.

Here are 10 facts that taxpayers should know about capital gains and losses:

Itemize or Choose the Standard Deduction

Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways.

The IRS offers the following six tips to help taxpayers decide:

1. Use IRS Free File. Most taxpayers qualify to use free, brand-name software to prepare and file their federal tax returns electronically. IRS Free File is the easiest way to file. Free File software helps taxpayers determine if they should itemize. It files the right tax forms based on the answers the taxpayer provides. Free File software does the math and allows the user to e-file the tax return – for free.

Taxpayers can check on other e-file options if they can’t use Free File.

2. Figure Your Itemized Deductions.  Taxpayers need to add up deductible expenses they paid during the year. These may include expenses such as:

Workshop Scheduled to Plan for Future Development along Metro Rail

Workshop Scheduled to Plan for Future Development along Metro Rail

GBNRTC encourages community members to attend March 29 workshop to share ideas

BUFFALO, N.Y. – The Greater Buffalo-Niagara Regional Transportation Council (GBNRTC) is encouraging the community to explore ways to encourage Transit-Oriented Development along the existing Metro Rail line in the City of Buffalo as well as proposed Metro Rail extension to the Northtowns.

“Transit-Oriented Development is gaining momentum across the country as a way to leverage transit investment to enhance access to jobs and education, improve neighborhood connectivity to transit, and encourage community investment and economic development,” said GBNRTC Executive Director Hal Morse.

“Essentially, Transit-Oriented Development provides our region the opportunity to capitalize on the full potential of transit investment to strengthen neighborhoods and bolster the economy,” he added. 

SUNY Fredonia and AT&T Stem Exploration Program’s Student Expo

SUNY Fredonia and AT&T Stem Exploration Program’s Student Expo

More than 30 high school students from Chautauqua County celebrated the completion of the Fredonia and AT&T STEM Exploration Program with an expo and demo event where they demonstrated some of their STEM projects, including virtual reality, mathematical posters, sealed seeded petri dishes with bacteria, gliders and Theremins, an electrical musical instrument that they learned to assemble, and other projects. The students that participated in the inaugural three week program also received recognition certificates from representatives from Rep. Tom Reed’s, New York State Senator Catharine Young’s and New York State Assemblyman Andy Goodell’s offices.