EP22: Home Office Tax Deductions

<p><span style="font-weight: 400;">Many of the self-employed and small business owners I speak to are often confused about qualifying for home office tax deductions.</span> <strong> <br /> <br /></strong><strong>In this Wealthy CEO Accelerator</strong> <span style="font-weight: 400;">podcast episode, we will go over what you need to know and claim accurate deductions without needing an IRS auditor coming to visit your home. <br /> <br /></span><strong>KEY TAKEAWAYS: <br /> <br /></strong><strong>✔️ </strong> <span style= "font-weight: 400;">To claim the home office tax deduction, ensure that your space is 100 percent used for your business. The IRS requires that such a portion of your home serves as the primary place where you do administrative or management activities.<br /> <br /></span><strong>✔️</strong> <span style= "font-weight: 400;">The IRS says that for a home office to be deductible, it is used a few hours a day and at least at a minimum once a week - used "exclusively" and "consistently" for your business. <br /> <br /></span><strong>✔️</strong><span style="font-weight: 400;">You could have a TV there if you're using it for coaching or marketing purposes. But if you're having your kids watch TV and things like that, the IRS will surely disallow your expenses. <br /> <br /></span><strong>✔️</strong><span style= "font-weight: 400;">Calculate the business percentage of your house by measuring the square footage intended for your home office space as a percentage of the total area.<br /> <br /></span><strong>✔️</strong><span style= "font-weight: 400;">Home Office deduction rules vary based on your specific entity. There are different rules based on the entity that you are.<br /> <br /></span><strong>✔️</strong> <span style= "font-weight: 400;">Expenses for a second location are also deductible. For example, e-commerce sellers have a warehouse where they do ordering, inventory, and recordkeeping or doctors and lawyers that meet clients and patients in a separate office/clinic.<br /> <br /></span><strong>✔️<