I have a question about deducting rent payments on my tax return. Are there any circumstances where you can deduct rent payment on your taxes?
No, there are no circumstances where you can deduct rent payments on your tax return.
Rent is the amount of money you pay for the use of property that is not your own. Deducting rent on taxes is not permitted by the IRS.
However, if you use the property for your trade or business, you may be able to deduct a portion of the rent from your taxes. The amount you can deduct is based the how many square feet of the property is used for your business. However, you must meet the requirements of business use of your home. To learn more visit Deducting Business Expenses at https://www.irs.gov/publications/p535/ch01.html#en_US_2015_publink1000208624.
Do you know what your tax filing status is? Learn how to determine and check your tax filing status with H&R Block.
Tax season is right around the corner! Consider how the withholding allowances claimed on your Form W-4 could affect your income tax refund by visiting the Tax Information Center blog.
Are Veterans benefits taxable? Our H&R Tax Professionals address your veteran's related tax questions in honor of our soldiers this Veteran's Day.
The startup tax or new business tax is a topic many new business owners shy away from. Don't get caught off-guard. Review these tips provided by our tax pros.