In this episode, we jump into the basics of home office deductions and what you need to know to get started.
We'll review the IRS requirements for claiming home office deductions, including the two main methods for calculating your expenses: the simplified method and the actual expense method. We'll also discuss the eligibility criteria for claiming home office deductions, such as the requirement that your home office must be used exclusively and regularly for business purposes.
Additionally, we'll touch on some of the common expenses that are eligible for home office deductions, such as rent or mortgage interest, utilities, and repairs. We'll also provide some tips for keeping accurate records of your expenses and making sure you have the necessary documentation in case of an audit.
Whether you're a new home-based worker or a seasoned entrepreneur, this episode is a great starting point for understanding the basics of home office deductions. So tune in now and learn how you can save on your taxes!
"The Value of a Home Office Deduction: A Guide for Business Owners": http://bit.ly/3IchQfo
IRS Form 8829: www.irs.gov/pub/irs-pdf/f8829.pdf
IRS Publication 587: www.irs.gov/forms-pubs/about-publication-587