The question we are addressing in today's article: "I understand there is now a Simplified Option for claiming the Home Office Tax Deduction. What are the rules?"
From time to time when we pick up new clients we find that the depreciation deduction that was taken for a client is incorrect. This can result from using an incorrect life or method of depreciation for a particular asset or group of assets, or from an asset never being depreciated. In addition to the obvious loss of a deduction, it can also have negative results when you sell an asset that was used in your trade of business.
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Often, we hear the question, "Can I deduct travel expenses if family members accompany me on a business trip?" This article gives some general guidelines to help you answer that question.
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