See below to review the specific questions the “Tax Terminator” answered.
Larry Weinstein, CPA aka “The Tax Terminator” shares WORKING FROM HOME and HOME BUSINESS tax tips!
Join attorney Mitch Jackson and Certified Public Accountant, Larry Weinstein, in their recorded Facebook Live. Learn what records you need to keep, what deductions you can take and get your working from home, home business, and employer/employee tax questions answered.
Get Larry’s Tax Checklist that we mentioned at the end of the show, “Legal Tax Minimization Strategies for Business Owners.”
Questions Asked and Discussed:
Question #1: Larry, the government just announced this week some tax filing changes that affect all Americans. What happened and how does that affect people working from home and small business owners?
Question #2: What are the most popular “working from home” business expenses and deductions our audience members should pay attention to? How can they position themselves to maximize these deductions? What type of documentation do they need to support these deductions on their tax returns?
Question #3: If you’re a paid employee working for a big company, and you’re told to work remotely from home, what can you, or your employer do, to maximize their tax benefits?
Question #4: Can people working from home deduct a portion of their rent, or mortgage payment, as a business expense? If so, under what circumstances?
Question #5: What’s the biggest tax saving related mistake you see people working from home, including home based businesses, make over and over again?
Question #6: Do you see any additional tax changes for people working from home? If so, how can we prepare for these?
Question #7: Let’s say you’re working from home and taking advantage of most, or all of the things you shared today. What additional steps can be taken, this month, to help minimize taxes and maximize long term profits (incorporation, LLC, deductions, retirement plans/compound interest/defer or avoid taxes on interest…).
Larry will provide specialized tax advice for people working from home and small business owners. He’ll also share specific tips relating to employees working at home because of the Coronavirus and answer your working from home tax and business questions.
Both Larry and Mitch will discuss the new COVID-19 related business tax issues, regulations and laws and the unique needs working from home employees, and owners of small and large businesses, have when it comes to strategic tax plans.
Several goals of our live video include sharing Larry and Mitch’s combined 60+ years of law and accounting, to help you:
- Make smart business decisions that protect your interests;
- focus on uncovering hidden tax reductions opportunities to put more money in your pocket, where it belongs;
- and help you maximize business deductions to minimize taxes and eliminate tax overpayments