If you are self-employed and also have access to an office elsewhere, you may assume you cannot deduct a home office. Many people believe this, and IRS auditors sometimes raise it. But the law says otherwise, and the IRS’s own guidance backs you up. Your home office qualifies as your principal place of business when you Use it exclusively and regularly for administrative or management tasks, such as billing, recordkeeping, and scheduling; and Have no other fixed location wher

Long-term care insurance protects you against the financial consequences of chronic illness or disability. Medicare covers no more than 100 days of skilled or rehabilitation care, and Medicaid requires low income to qualify. Long-term care premiums are not cheap, but the tax code may let you write off some or all of the cost. How much you deduct depends on your choice of business entity. A full deduction is available in two situations. If you operate as a C corporation, have

If you operate your business as a proprietorship, a partnership, or an S corporation, tax code Section 199A can give you a deduction of up to 20 percent of your qualified business income. And here’s the good news: the deduction is now permanent, and beginning in 2026, the rules are friendlier than before. For 2026, if your taxable income is $403,500 or less (married, filing jointly) or $201,750 or less (single or head of household), you qualify for the deduction regardless of