#Office December 14

by Coach4aday · December 14, 2019

We may earn money or products from the companies mentioned in this post.

I have set up an OFFICE in my home where I write these posts each morning.

My OFFICE has a work station, printer/copier, and a place to read. When I do have clients come to my home which is rare I meet with them here. It is quiet and pretty much dedicated to my business Coach4aday LLC.

When you have a home OFFICE and you might be considering taking that as a business expense on your taxes. Before you decide it may behoove you to weigh the pro’s and con’s. You also need to research that decision with a competent tax preparer if your status and home OFFICE qualify.

Here are some simple facts.

There are IRS Home OFFICE rules.

One big takeaway it must be used regularly for business, so “incidental or occasional business use” does not qualify.

A home office deduction is not always in everyone’s best interest.

My business makes me an independent contractor but to consider using my OFFICE that deduction cannot create a loss. If your business has a loss you cannot deduct.

There is a simplified IRS home OFFICE deduction that was instituted in 2013.

I mentioned it earlier in the post you would be well served to consult a tax specialist for your specific circumstances.