Candace Ebert & Company

06/26/2018

Is Your Business Telling the Right Story?

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The businesses that stand out don't just state

06/19/2018

7 Traits of Successful Small Business Owners

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Business owners who lead small enterprises down the path to prosperity share similar characteristics. The following 7 entries highlight a few of the positive traits possessed by successful business owners.

06/12/2018

By shifting our perspective, we can achieve a greater sense of purpose without changing what we’re doing...

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For us to make the greatest impact at our jobs — and also feel the greatest satisfaction — we need to tap into work’s deeper meaning, says Leah Weiss, a compassion expert and rese…

06/05/2018

Good and Bad News About The Home Office Tax Deduction



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Article Highlights:
Home Office
Qualifications
Actual-Expense Method
Simplified Method
Income Limitation
Employee Deduction
"Home office" is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. This category also includes using part of a home for storing inventory (e.g., for a wholesale or retail business for which the home is the only fixed location); as a day care center; as a physical meeting place for interacting with customers, patients, or clients; or the principal place of business for any trade or business.

Generally, except when used to store inventory, an office area must be used on a regular and continuing basis and exclusively restricted to the trade or business (i.e., no personal use). Two methods can be used to determine a home-office deduction: the actual-expense method and the simplified method.

Actual-Expense Method — The actual-expense method prorates home expenses based on the portion of the home that qualifies as a home office; this is generally based on square footage. These prorated expenses include mortgage interest, real property taxes, insurance, heating, electricity, maintenance, and depreciation. In the case of a rented home, rent replaces the interest, tax, and depreciation expenses. Aside from prorated expenses, 100% of directly related costs, such as painting and repair expenses specific to the office, can be deducted.

Simplified Method — The simplified method allows for a deduction equal to $5 per square footage of the home that is used for business, up to a maximum of 300 square feet, resulting in a maximum simplified deduction of $1,500.

Even if you qualify for a home-office deduction, your deduction is limited to the business activity's gross income—not, as many people mistakenly believe, its net income. The gross-income limitation is equal to the gross sales minus the cost of goods sold. This amount is deducted on a self-employed individual's business schedule.

The good news is that, under the tax reform, the home-office deduction is still allowed for self-employed taxpayers. The bad news is that this deduction is no longer available for employees, at least for 2018 through 2025. The reason for this change is that, for an employee, a home office is considered an employee business expense (a type of itemized deduction); Congress suspended this deduction as part of the tax reform.

If you have concerns or questions about how the home-office deduction applies to your specific circumstances, please give this office a call at (831) 316-1106

05/29/2018

How showing vulnerability helps build a stronger team.
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If you’d like trust to develop in your office, group or team — and who wouldn’t? — the key is sharing your weaknesses, says business writer Daniel Coyle.

05/24/2018

Join some lovely including myself at the Bonny Doon and on Saturday, June 2.

05/22/2018

Choose the Best App for Your Business. We love apps and have used quite a few to streamline our workflow here at Candace Ebert & Company . Give us a call at (831) 316-1106 for a free consultation and friendly advice regards best app for your business. www.candaceebert.com

When it comes to creating efficiency in your accounting workflow, you more than likely will need an add-on app to your QuickBooks Online file. But, just like with Apple, there is an app for everything. So, how do you choose? By following these five steps, you will be able to make the best app decisi...

05/15/2018

Need more quiet time?



Candace Ebert & Company experts can assist with your workload, giving you more tech free time.
Call us at (831) 316-1106 for a free consultation.

By not giving ourselves the minutes — or hours — free of devices and distractions, we risk losing our ability to know who we are and what’s important to us, says physicist and writer Al…

05/09/2018

What do you think of our ad in ? www.candaceebert.com

05/09/2018

Future Proofing Your Buisness: It Starts With the Cloud...

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Over its 34-year history, Intuit’s® goal has remained the same: to help small businesses be more successful. Intuit is continuing this mission by investing in Artificial Intelligence, machine learning, mega platforms, blockchain and other technologies to provide its customers and partners with ne...

05/08/2018

Get all the juicy Bike Week details!