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The Chronicle Telegram in Elyria, Ohio

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This newspaper page contains 4 articles. Subscribers can read the full text of each article.

Newspaper

The Chronicle Telegram

Location

Elyria, Ohio, United States of America

Date

Feb 24, 1986

Page

12

Home Office Deduction Rules for 1040 Filers

Taxpayers who work from home may deduct a portion of home expenses if they use a part of their home regularly and exclusively for business. The space must be principal place of business or used to meet clients. The IRS relaxes area rules but requires exclusive business use.

Internal Revenue Service IRS

Tax tips for home offices and freelance work

Tax guidance covers multiple principal places of business for employees with side gigs. Home office deductions trigger capital gains adjustments when selling the home and deferment rules apply if replacing with equal or greater value. Consider leasing a computer for business use to deduct the full lease payment if used exclusively for the home business.

Cut Your Own Taxes On Computers Explained

The article explains depreciation rules for business microcomputers under asset cost recovery, with 15 percent first year, 22 percent second year, and 21 percent in years three to five. A 10 percent investment tax credit may apply, reducing the base by up to 5 percent. Alternatively up to $5,000 of cost may be expensed in the year of service.

Haitian leader calls for release of prisoners in Haiti

Washington AP report quotes Leslie F. Manigat, head of the Grouping of the National Progressive Democrats of Haiti, saying Duvalierism persists after Duvalier and urging release of political prisoners and the return of exiles. He adds Duvalier is out but Duvalierism remains.

Washington Jean- Claude Duvalier Leslie F. Manigat National Progressive Democrats of Haiti Duvalier

Also Mentioned on This Page

Robert Metz Chronicle-Telegram P.O Cincinnati Ohio BE Travel Agency Baan Rio DE Janeiro Honolulu Acapulco Middle Ave Ebria Cleveland Apot Ape ASA Amana Hitachi Litton Sanyo Panasonic Sampo Stewart Elyria Schroeder Paris Schroeder’s West Ave Lorain Oberlin Wellington LCCC Lorain County Community College Lorain County Community College North Abbe Ra Turnpike Lorain National Bank LRS Lorain Nasional FIC
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