14 THE QUEENS COURIER • APRIL 27, 2017 FOR BREAKING NEWS VISIT WWW.QNS.COM Call Now & End Your Tax Nightmare! �������������������������������������� �������������������������������������� �������������������������������� �������������������������������������������������� ������������������������������������������ Co-Author of the best selling book “Breaking the Tax Code” �������������������������������� �������������������������������� Salvatore P. Candela, EA, ATA, ABA Enrolled Agent - Tax Advisor ���������������������������������������������������������������� ������������������������������������������������������ TAX TIPS Two helpful post-season tax tips BY JOHN SAVIGNANO Tax Tip #1: Home Offi ce Many small business owners are afraid to claim “home offi ce” deductions for fear it will bring the auditor calling. Fear of an audit should never keep you from claiming legitimate deductions. Just make sure you keep well-organized records, and that you can prove your deductions are indeed for business expenses and you’ll be fi ne. Here are some pointers when it comes to home offi ces. • Make sure that your offi ce is distinct from your living area. Whether it is a room of its own or a part of a larger space, there should be a clear line between your workspace and the rest of the home. Don’t use your offi ce as a spare bedroom or a playroom for the kids. • If you only have one computer, claiming it as the offi ce computer will be diffi cult. No auditor will believe that it is not utilized for personal use as well. Th e burden of proof will be up to you, so either dedicate a computer solely to work, or omit the computer area from your offi ce space. • Figuring out the percentage of home expenses that is deductible for your business is simple. Measure your work area and divide by the square footage of your home. Th at percentage is the fraction of rent, mortgage, utilities, taxes, and maintenance you can claim. Tax Tip #2: Technology Purchases Up-and-coming businesses need to be up-to-date on their technology, and Uncle Sam does not hinder this. Equipment expenses such as computers, printers, and even company vehicles are tax-deductible, up to a certain amount. Depending on the item, you can deduct the full cost on the year of purchase, or split it between several years. Business-related soft ware also qualifi es. So don’t be afraid to get the technology you need to perform necessary business tasks. Just be aware of the amount you can deduct because it changes yearly. Also, if you only have one car, you can’t justify that as purely a business vehicle, so don’t try to use the fact you have a business to pad your personal belongings. If you’re going to purchase a work vehicle, make sure it is only used for work. Subscriptions to business-related websites and magazines are fully deductible. Combined with the conference deductions (discussed below), there is no reason not to stay informed in your fi eld. John Savignano is a partner with Savignano Accountants & Advisors located at 47-46 Vernon Blvd., Second Floor, in Long Island City. For questions, dial 718-707-0955. Sunday, May 21, 2017 12-4 pm Between 42nd & 43rd Avenues baysidevillagebid www.baysidevillagebid.com
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