Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know bit.ly/3DPw5UZ Schedule your FREE Tax Advisory Session: www.TaxPlanningCall.com

What kind of house generates $13k in home office deductions? I'm looking at mine I'm only getting about $5k at 20%. Her house must be worth several million dollars, and I usually find that rooms in such houses have at best 5% of the space because they are so large. Edit: this video didn't mention she's taking section 280A payments to get to that $13k, which aren't technically "home office" reimbursements. The "Over $49k saved" video more clearly shows this.

Great job Boris! This one hit home/office.

@borismusheyevcpa

11 ай бұрын

Thank you very much!

thanks im loving learning taxes! Sounds crazy but when you get info like this its amazing ! thanks

super helpful for new business owners!

Nice Job Boris, it was nice talking with you today.

@borismusheyevcpa

11 ай бұрын

Thanks, you too!

Thanks for making quality videos. Looking forward to watching future indepth videos

Thank you, very informative

I do volunteer taxes. Getting ready to do 3years of schedule c. This was so helpful

Great video!! Thank you.

@borismusheyevcpa

11 ай бұрын

Glad you liked it!

Your the best

Great Info thanks Boris

Great information 🤟🏿

Great video Boris. Question.. I work p/t mornings..w2 20 hrs week (4 hrs day) I also do 20 hrs as an independent contractor at how in my office. Can I still use home office deduction on my 1099 income

Excellent!🙌🏼

@borismusheyevcpa

11 ай бұрын

Thank you 🙌

Great content, Boris! I’m a little confused, perhaps you could help me figure this one out…I'm a full-time w-2 employee and I just opened LLC which is not related to my w-2 job. I have a designated area in my apartment and it's being used exclusively for the administrative and all other purposes of my LLC business. Can this home office qualify for tax deduction?

Great video!

Where do i enter the home office deduction if im part owner in an LLC? All the partners get schedule k1s.

Great content and thanks for the home office help!

@borismusheyevcpa

11 ай бұрын

Happy to help!

Hi Boris. Thanks for the great content. 1 Question for you. I watched a video of a an Etsy owner who makes handmade items. She said you can write off your entire apartment/house if you have inventory in every room, use every room to make products and do product photography. She showed her house and she practices what she preaches. Lol. Can you advise if this is true? This is also my life. I have 2 e-commerce stores. One of them is making candles. I use my kitchen to do that. I keep inventory ALL over my apartment. 🤦🏻‍♀️ I don’t recommend, but you do what you gotta do!! TYIA! 🙏🏼

Great video! Just had YT surface your channel on my feed. Question….what if the home is paid off…is there a different approach?

Book Downloaded!

Great video. I love having a home office and highly recommend that business owners consider it. 😄

@borismusheyevcpa

11 ай бұрын

I totally agree!

Hi. If I want to use accountable plan for reim from scorp to my such employee. Should I have Bill of mortgage interest, utilities on my own name? Thank you

Curious - how does your strategy work for a sole-proprietor (Not an S Corp or LLC Member)? Thanks in advance!!

How does it work in a partnership where partners share responsibilities and each use personal residence to do "some" administrative tasks? Is deduction based on the ownership interest? Or each partners should the deduction based on the square footage % regardless of how much time spent doing the work?

Boris, I live in Florida so I have no state tax. Do I need my accountant to be in Florida for my best result for taxes?

Great video! How does your strategy reconcile the IRS requirement for a home office to be the "Principal place of business" when the dental clinic claims this designation, arguably? Thanks.

@borismusheyevcpa

11 ай бұрын

Lol watch the video till the end and download the resources that I provided!

How does this work if I just rent a room where I live and work out of? Would I be able to deduct my rent?

Boris, I am sure I am just not understanding something but. If I had a 300sq ft. office at $5 per sq ft. Thats $125/mo worth of expenses. Now, WITHOUT a reimbursable plan that would be Debit to Home Office Expense and a Credit to Equity. In which case it would increase basis. Assuming you were an only owner, you could make a distribution of $125/mo with a Credit to Cash and Debit to Equity, which would be tax free even without a reimbursement plan because of the initial basis increase. A reimbursement plan, from my understanding would simply treat the transaction as if the business had incurred the expense, bypassing the expense/cash/equity journal entry. So I guess my question is in two parts. 1) Am I correct in the above?, and 2) If I am correct, is it also correct to assume that Reimbursment plans are only useful for multi-owner partenrships/s-corps to avoid any odd basis adjustments? I hope this makes sense.

Can an employee working from home use this deduction?

How does this work if you are renting an apartment but uses one room solely as an office?

Boris, are you working with clients from other states?

@borismusheyevcpa

2 ай бұрын

Yes we are, you schedule your call here: www.TaxPlanningCall.com

correction: you can’t deduct a portion of your mortgage.