Home Office Deduction Explained

Bonus tax blog! I know, this is the highlight of your year :)

Okay, so for today's bonus, we're actually going over a fundamental because fundamentals are so damn important (and that goes for any industry, skill, job, etc).

Can you write off your home office if you rent? Yes. Can you deduct your home office if you own? Yes. How does it work? Well, like anything with taxes, "it depends."

To deduct your home office expenses, you need the square footage of your home, the square footage of your home office, and that home office space needs to be work only. It can be a room, a garage, a corner in a room... as long as it's work only (so no netflix and chillin), you can calculate the deduction.

And if you're an S Corp or Partnership, the business should be reimbursing you as the owner where a single member LLC the deduction comes off on your tax return. Right, it depends :)

I could also bore you with more about simplified method versus actual method and that stuff... however I think we've got the basics covered.

Here's a video from earlier this year explaining it how to properly deduct your home office, plus there's a few others to scroll through if you're feeling froggy, https://www.instagram.com/p/C6iBkJ3M-Rv/