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@Andrew-ne1yw

Жыл бұрын

Can I use the home office tax deduction if my LLC was registered at a commercial or virtual address? Nice resourceful and straightforward video, I just subscribed and looking forward to watching more. Thanks for sharing!

@eataxresolutions

Жыл бұрын

@@Andrew-ne1yw Great, thank you! Yes you can so long that meet the following requirements: "There must be exclusive use of a portion of the home for conducting business on a regular basis. For example, a taxpayer who uses an extra room to run their business can take a home office deduction only for that extra room so long as it is used both regularly and exclusively in the business. The home must be the taxpayer's principal place of business. A taxpayer can also meet this requirement if administrative or management activities are conducted at the home and there is no other location to perform these duties. Therefore, someone who conducts business outside of their home but also uses their home to conduct business may still qualify for a home office deduction." www.irs.gov/newsroom/heres-what-taxpayers-need-to-know-about-the-home-office-deduction

Wow! How are you not viral? No fluff, straight to the point and highly educational.

Very clean video - thank you!

Great and to the point, with super clear examples! Thank you!

@eataxresolutions

Жыл бұрын

Glad to help, thanks for the kind words!

Thank you very much this video helped me alot

@eataxresolutions

4 ай бұрын

Glad it helped

Are accountable plans red flags to the IRS? Also how do we enter the figures for Accountable Plan on 1120s form

Can I exclude depreciation to avoid recapture tax if my home is sold at a later date?

Thank You! How and where is this entered on the 1120S please? Thanks!

What if I use a room for office then use my garage for material?

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Does your business need to be profitable in order to qualify for this write-off?

my daycare also uses part of the backyard, would the total sq i use also include the backyard, and if so, then for the total sqft of the house im assuming it would include the lot of land's total sqft? otherwise if i include the backyard for the portion the business uses but not for the total sq of the home, then line 1 would be more than line 2. in other words, does total home sqft= lot sqft ? thank you

@eataxresolutions

4 ай бұрын

Hey! I will be going over your comment in my upcoming livestream! Hope this helps! If you have any other questions I go live every Monday at 4P.M. PST. kzread.infoSHkqV4_UN90

If I am receiving a check each month for home office, do I have to claim that as income as the homeowner?

@eataxresolutions

4 ай бұрын

No, you do not have to claim that income as a homeowner

What about if you pay off your home? Can you still deduct a home office space?

@eataxresolutions

4 ай бұрын

Definitely. We can deduct "depreciation" which is essentially the purchase price plus any improvement made to the home divided by 39 years. Also you have property tax, utilities, and maybe insurance. If you go to 03:17 in the video I go over How to calculate the home office expense - Homeowner.

Seems like you are using % sq ft method. I heard that you can also use # of room method. For example, in 4 bed home, your office is 1/4, hence, it would be 25% instead of lower % using area sq ft method.

If I just knew this at the beginning of new year, can I still deduct this for the past year? I misunderstood this whole deduction concept, I thought it was simply footage * some dollars, so I didn't set up acct. plan and reimburse myself accordingly.