When taxpayers use their residences to conduct business or store business inventory, they may qualify for home office tax deductions, under certain conditions. The owner of a smog inspection business was required to maintain records for 3 years. He used his nearby personal garage to store the records and extra smog equipment and claimed tax […]

A business arrangement didn’t rise to the level of a partnership. The U.S. Tax Court ruled that a husband and wife, who had a loose business arrangement with another couple, failed to prove the existence of a partnership under the criteria established by the court. The two couples formed a mortgage business that the court […]