The CBD Blog

Find peer advice, partner insights, and industry updates – all here in the CBD blog, ‘At The Helm’! With contributions from our entire team, we blog about the things that interest you.

Unlock the Biggest Possible Deduction for a Home Office

Do you work from home? You might be able to claim a home office deduction if part of your home is used for business purposes. Thanks to a tax law change in 2013, there are now two methods for claiming this deduction: actual expenses vs. the simplified method. Here’s how the deduction works, including specific requirements and types of costs that may qualify for the deduction.

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Can Your Research Credits Offset Your Payroll Tax Bill?

Qualified small businesses have a new option for using their research tax credits: They can now elect to apply their credit to the Social Security tax portion of their federal payroll tax liabilities. That may come in handy for smaller start-ups with significant research expenses and little or no profits. Here are the details of recent IRS guidance on how to take advantage of this special privilege.

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Consider Taxes before Converting Your Home to a Rental Property

It’s popular for property owners in certain markets to rent out their former residences. Doing so generates income that’s largely offset by tax deductions and allows you to potentially participate in the property’s future appreciation in value. Before making the home-to-rental conversion, however, it’s important to understand the special and sometimes confusing tax rules that apply when the property is rented and eventually sold.

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Sharing Tax Issues in the Sharing Economy

Mobile apps and online platforms have revolutionized the way many businesses offer services to consumers. Examples of the so-called “Gig” are widespread from ride sharing and vacation rentals to on-demand housekeeping and legal advice. If you decide to jump on the sharing economy bandwagon, it’s important to understand the tax rules for recognizing income, making estimated payments and deducting legitimate business expenses.

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