Home Office Deduction Explained: How to Write Off Home Office Expenses & Save on Taxes

If you are a business owner that does ANY work from home, and you’re NOT taking the home office deduction... then you’re probably paying more than you have to in taxes to the IRS. Become a Tax Client: https://mycpacoach.com/tax-planning-services/ But don’t worry, you’re not alone… More than 2 million people overpay the IRS every year. So if you want to keep doing that, then don’t watch the rest of this video. But if you want to take the home-office deduction on your tax return, I am going to give you all of the information you need to do this correctly in this video. All you have to be is a business owner or independent contractor - meaning you receive 1099 income, or in other words, the income you receive is not taxed upon receipt. If that’s you, and you work from home, then get some ready for some tips to lower that tax payment to the government. Outline: What is the Home Office Deduction?: (1:20) Who Qualifies for the Home Office Deduction?: (1:58) What Home Expenses Can You Deduct?: (2:38) How to Calculate Your Home Office Deduction: (5:19) Recap: (8:16) Interested in talking with someone from our team? Sign up to get notified when we are accepting new clients here: https://lyfeaccounting.com/coming-soon/