Common Questions about Home Office Deductions
Manage episode 363475680 series 3437793
Our last episode, “Are You Maximizing Your Home Office Deductions?”, focused on home office deductions and details about Form 8829 Expenses for Business Use of Your Home. Be sure to review IRS Publication 587 and make sure you're using the most advantageous calculation when determining the business use percentage of your home.
In this episode, Alex answers the most common questions about home office deductions to ensure your claim is as legitimate as possible.
In this episode, you’ll also hear:
Which spaces in your home qualify for deductions
Storage use and exclusive use by business
Tips for supporting your home office deduction claim
Must-listen moments:
[00:03:57] Every home is different and your home's unique layout can give you some advantages or disadvantages when it comes to calculating the home office deduction and percentage of home used for business purposes.
[00:06:24] A great reminder and best practice involving the home office deduction is to take photos of all of the areas you are claiming as a deduction…and if you do store goods anywhere else, take photos of those with clearly marked tape outlining the area for business use.
[00:09:26] You can switch back and forth between the simplified method of calculating the deduction as well as it may make sense in some years and not in others…you are not locked into any method.
For more detail on financial topics curated just for freelancers, visit www.freelancefinancefix.com
You’re also invited to connect with me on LinkedIn at https://www.linkedin.com/in/alexmlynch/
21 episodes