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  1. #1
    Join Date
    Apr 2012
    Location
    Virginia
    Posts
    22

    Default Loss of Tax Benefits

    During our discussions many have talked about the various pay rates and reimbursement fees for mileage. I would be interested in hearing from FR's and how changes in the tax code have dramatically affected our ability to be profitable in this business. (Laughter) In the last couple of years the IRS has removed many deductions that small business owners like many FR's rely upon. I noticed that our home office space no longer applies and you have to have an off site building to get a decent deduction. You are no longer able to deduct the electric, natural gas for the portion of your office and so on. They also have formulas that dramatically reduce or eliminate any of the standard deductions that are common in our field.

    With the poor wage structure that Mueller pays and the distance and mileage that many are traveling to complete jobs, I would be interested in hearing how you are off setting the losses in deductions and keep your business going?

    F.I.R.E. Services

  2. #2
    Join Date
    Mar 2007
    Location
    Knoxville, TN
    Posts
    2,446

    Default Re: Loss of Tax Benefits

    Get a good CPA, they are worth the money.


  3. #3
    Join Date
    Nov 2009
    Location
    St Paul, MN
    Posts
    1,628

    Default Re: Loss of Tax Benefits

    As Jack said, get a good CPA because the home office deduction still exists. The IRS has added a simpler version also. Home Office Deduction

    MinnesotaHomeInspectors.com
    Minnesota Home Inspectors LLC
    ASHI #242887 mnradontesting.com

  4. #4
    Join Date
    Jun 2008
    Location
    Maryland
    Posts
    1,049

    Default Re: Loss of Tax Benefits

    I did home office deduction last filing year and I'm aware of no changes this year.


  5. #5
    Join Date
    Mar 2007
    Location
    Knoxville, TN
    Posts
    2,446

    Default Re: Loss of Tax Benefits

    My CPA has not notified me of any changes. I still take the home office deduction, and plan to for 2013 tax year. Of course, my office complies with IRS regs.


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