TaxNoTuesday Episode 62: Why Your House is Not an Asset?
An asset can be thought of as something that, in the future, can generate cash flow, reduce expenses, or improve sales. If your house will not perform any of these benefits, then if falls as long-term liability. A financial liability is an obligation owed to others. Welcome To Tax No Tuesday!! On the other hand, with the rise of digital economy, you can potentially turn your house in money making machine if you will apply this last rule of Home Office Deductions. The two types of structures are: 1) Attached which is inside your house like extra room and garage 2) Detached which is a separate structure like a garden shed, barn, portable storage or a guest house on your property that you can use as office. As a tax tip, qualifying for a home-business tax deduction is easier with a separate structure than an office inside the residence. If you are TIRED & OVERWHELMED dealing with your books and taxes, WYCOTAX is here to help! WYCOTAX will finish what you have started! We will close your books and file your taxes on time by being a Loyal Member NOW! As always, tune in every Tuesday for more Tax NO Tuesday Tips! Because if you can SAVE on TACOS, you can SAVE on Taxes! Bonus! Subscribe on our YouTube: WYCOTAX and receive ($110 value) 1-hour FREE consultation of our outsource bookkeeping, tax and payroll services. Free COVID-19 Relief Summary PDF Download: www.wycotax.com/ Outsourcing your tax, payroll, bookkeeping and COVID-19 relief to WYCOTAX will give you more time and financial freedom. It helps you to see a clearer picture of your numbers that will guide you to monitor the performance of your business. Moreover, you will find more time to provide value for your clients. The more satisfied clients you have, the more referrals they will generate. Outsource TODAY! Disclaimer: This material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax, legal and accounting advice. WYCOTAX, LLC is a profit company and not associated with any aforementioned institution.
