Remodeling one’s kitchen is undoubtedly one of the most expensive items on a fixer-upper owner’s budget. The Tax Trotter knows first-hand – she and Mr. Tax Trotter purchased the worst house on the best block 8 years ago and are still renovating it. Multiple cost-saving strategies have been deployed, including buying underpriced mahogany furniture sold on commission to affixing a custom-ordered granite countertop to a set of classic style cream cabinets sourced from IKEA on a savvy friend’s advice. There were some excesses because the Tax Trotter insisted on using a certain European paint brand – to the Tax Trotter’s eye the brand’s color palette did not appear as "fluorescent" as paints manufactured by brands offered in big box stores.
Last week the Trotter chatted with her partner and fellow blog editor, Nick O’Donnell. Nick’s practice focuses primarily on complex civil litigation, for which he has appeared before the Supreme Court of the United States. See Guelph Treasure Art Restitution Case Media Coverage. Nick’s blog, the Art Law Report, covers legal issues in the museum and visual arts communities, one of his areas of expertise.
It is a truth universally acknowledged that a home office deduction ("HOD") remains one of the main triggers for a tax audit… And yet, with so many of us working from home in 2020, the home office deduction is most likely to make an appearance on most returns… or is it?
Happy New Year and welcome to the Tax Trotter!
The Trotter’s goal is to bring you the insights, analysis and tax news from around the world in a timely, engaging and easy-to-read fashion. Whether you are an employee or an executive of a multinational corporation, an entrepreneur, an investor, a wealth adviser, an asset manager or are otherwise interested in tax and fiscal policy, the Trotter aims to inform and support you. You should expect in-depth weekly posts analyzing all matters tax, breaking tax news bites, monthly or more frequent “Tea with Trotter” podcasts with tax luminaries, weekend “detour” features introducing you to a more entertaining face of tax or things we tax people enjoy in our limited spare time (trust funds for puppies, anyone?) and Proust-style profiles of people in tax and beyond.
What a year 2020 has been! Stock markets running high, travel low, Zoom reigning supreme with the blue light eyeglass filter becoming as popular as the anti-glare… And those of us working from home feeling blessed and yet complaining of cabin fever… Cabin fever swiftly followed by guilt after a run-in with an essential worker (your postman, your Whole Foods cashier, the staff and the drivers at your favorite takeout restaurant, your urgent care nurse practitioner and many others) who has no choice but to interact with the greater world and, therefore, is risking so much more than any of us homebound.
A few specific cases and issues The Trotter is looking forward to in 2021: