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August News

The new 2018 limit on state and local taxes is $10,000. Four states are suing the United States
government claiming the $10,000 limit is unconstitutional, on the bases that it interferes with the states
rights to make their own taxes.

Self-employed retailers and wholesalers who store their inventory at home can write off part of their
home for regularly storing their products if the home is the only fixed location for your business. Storing
your customer records does not qualify for the deduction. There are two methods for taking the
deduction. Actual costs can be allocated as a deduction or the IRS allows $5 per square foot, with a
maximum of 300 sq. ft.