Best Certified Public Accountants in North Port, FL

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary.

Depending on the nature of your work, your occasional home use is unlikely to qualify for a home office deduction. In order to qualify for a home office deduction, your home office must be your principle place of business, or be a place where you meet clients or customers in the normal course of business.

Yes. However, you must be incorporated in the U.S.; have no more than 100 shareholders; have only one class of stock; shareholders must be U.S. citizens, resident aliens, estates, other S corporations, or certain qualified trusts.

Two factors determine the amount of income tax your employer withholds from your regular pay: the amount you earn, and the information regarding filing status and withholding allowances that you provide your employer on Form W-4. To ensure that you have the correct amount of tax withheld, obtain a copy of IRS Publication 919. It should help you compare the total tax to be withheld for the year to the tax you anticipate owing on your return. It can also help you determine any additional amount you may need to withhold from each paycheck to avoid owing taxes when you file your return. Alternatively, it may help you identify if you are having too much tax withheld.