home office deduction: Cut Taxes Using Home Costs Incurred Personally! - 06/16/22 02:38 PM
Has your friend, neighbor or colleague told you that if you take the home office deduction, it will be a “red flag” to the IRS that will trigger an audit? Well, that is just not true!  In order to claim the home office deduction, you MUST QUALIFY, but if you do qualify, there is no reason not to take it. To qualify, you are required to meet 2 tests: regularly used and exclusively used for business.
Regular Use: this test is clear – you use the area on a continuing basis. This doesn’t mean every day, but it is used consistently. … (4 comments)

home office deduction: Real Estate Agents and Taxes - The Home Office Deduction - 03/15/21 09:09 AM
A question that comes up from my Realtor clients along with many other small business owners is can I deduct my Home Office costs.  This has become even more of an issue due to COVID as more and more of us work out of our homes.  Today we’ll touch on when you can deduct your Home Office and what can be deducted.
 
When Can Your Home Office be Deducted?
 There are two important criteria as to when your Home Office can be deducted. 
The space is used Regularly for business purposes.  The space is used exclusively for business purposes. Remember that BOTH … (1 comments)

home office deduction: Frisco TX - Qualifying for a Home Office Deduction - 12/27/19 12:50 PM
In some case, entrepreneurs who work from home can write off a portion of their housing and utility expenses.  That's often a big question for our clients in our Richardson, TX tax office, who use part of their home in their business.  If you qualify, it can have a big impact.  For example, a qualifying sole proprietor who uses 25% of her house as an office, can deduct 25% of her rent or mortgage interest, property tax, homeowners or renter’s insurance, and utilities.  Today, we'll cover how to determine if you qualify. 
 
What Are The Rules
To qualify for the home office deduction, entrepreneurs … (2 comments)

home office deduction: Richardson TX - Small Businesses and the Home Office Tax Deduction - 06/09/19 10:47 AM
A common question that comes up with small business owners who visit our Richardson TX office is whether they can get a tax deduction for their Home Office. Today we’ll spend a little time discussing the Home Office Deduction for a small business owner who files on Schedule C of their tax return.
 
Before we move into the deduction for small business owners, one of the impacts of the Tax Reform Act of 2018 was that it took away the potential deduction as an employee. An employee who used the home office deduction took it as a miscellaneous itemized deduction. Beginning in … (2 comments)