For ages it has seemed that claiming the home office deduction on your tax return was a sure-fire invitation for an IRS audit. In fact, on many occasions, taxpayers had been advised to forego claiming this deduction even when they seemed to satisfy the IRS requirements to legitimately take the deduction. The IRS’s stance was based on the relative ease and susceptibility of abuse when it came to the home office deduction.
A necessary step in the initial stages of setting up your new business is to determine which form of business ownership structure to adopt. The ownership structure that may prove to be most appropriate will depend on circumstances such as:
A Not For Profit (NFP) organization operates not for the purpose of generating and distributing profits to the owners, but the purpose of generating and distributing profits–i.e. revenue less normal operating expenses–in furtherance of some public good or one or more social causes.
While recently assisting a friend who is researching assisted living options for a loved one, I was surprised to come across so much information available online discussing the option of retiring to live on a commercial cruise ship. I think just about everyone is familiar with the option of living in an assisted living home (i.e. retirement home or skilled nursing facility). But to see how popular this cruise ship option is–to take up permanent quarters on a cruise ship among so many retirees–came as a big surprise. The idea that a cruise is limited to short-term vacations just does not seem to be the case anymore.