Gary L Hulett CPA
About Gary L Hulett CPA
Do you need simple, straight-forward professional tax and accounting help, that won't cost you an arm and a leg? Then please consider me.
I offer individual tax services at a value-oriented price. In fact, I only prepare individual taxes and small businesses r...eturns (with incomes/gross revenues of up to $1,000,000) filing a simple business return (that would be sole-props, single member LLCs, husband/wife S-Corps, and family owned C-Corps). And you'll get my undivided attention.
My customers are really important to me, because I couldn’t be in business without you. Plus, I have a lot to offer. My services include: Tax preparation for current and back years, IRS Help, and accounting and bookkeeping for small one-owner and husband and wife businesses and all at great prices. You’re always welcome here. Call and chat with me. I'm really looking forward to it.
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Location & hours
- Mon Mon 9:00 am - 4:30 pm
- Tue Tue 9:00 am - 4:30 pm
- Wed Wed 9:00 am - 4:30 pm
- Thu Thu 9:00 am - 4:30 pm
- Fri Fri 8:30 am - 4:30 pm
- Sat Sat Closed
- Sun Sun Closed
Updates & tips from Gary L Hulett CPA
IRS Announces Simplified Option for Claiming Home Office Deduction
IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500; Saves Taxpayers 1.6 Million Hours A Year
WASHINGTON — The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes.
In tax year 2010, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions for business use of a home (commonly referred to as the home office deduction).
The new optional deduction, capped at $1,500 per year based on $5 a square foot for up to 300 square feet, will reduce the paperwork and recordkeeping burden on small businesses by an estimated 1.6 million hours annually.
IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500; Saves Taxpayers 1.6 Million Hours A Year WASHINGTON — The Internal Revenue Service today announced a simplifie... Read More
Weekly Tax Tips
Below are the two most recent tax tips. Click a tip to view the full tip and browse past tips.
Our Weekly Tax Tips are updated each Friday. To view the full tip, click on the title. You can review the most recent Tips or search through all tips by keyword. You can subscribe to our Weekly Tax Tips using the Tax Tips RSS Feed to receive updates as soon as new ti... Read More
The Home Office Deduction
The Home Office Deduction
Under the IRS rules, a taxpayer is allowed to deduct expenses related to business use of a home, but only if the space is used "exclusively" on a "regular basis". To qualify for a home office deduction you must meet one of the following requirements:
1. Exclusive and regular use as your principal place of business
2. A place for meeting with clients or customers in the ordinary course of business
3. A place for the taxpayer to perform administrative or management activities associated with the business, provided there is no other fixed location from which the taxpayer conducts a substantial amount of such administrative or management activities
A separate structure not attached to your dwelling unit that is used regularly and exclusively for your trade or profession also qualifies as a home office under the IRS definition.
The exclusive-use test is satisfied if a specific portion of the taxpayer's home is used solely for business purposes or inventory storage. The regular-basis test is satisfied if the space is used on a continuing basis for business purposes. Incidental business use does not qualify.
In determining the principal place of business, the IRS considers two factors: Does the taxpayer spend more business-related time in the home office than anywhere else? Are the most significant revenue-generating activities performed in the home office? Both of these factors must be considered when determining the principal place of business.
The Home Office Deduction Under the IRS rules, a taxpayer is allowed to deduct expenses related to business use of a home, but only if the space is used "exclusively" on a "regular basis". To qualify for a home office deduction you must meet one of the following requ... Read More
