Home Office Tax Strategies Write Off Home Office (BIG Home Office Tax Deductions!)

[@TobyMathis]

Find out about Home Office Tax Strategies and the correct ways to Write Off Your Home Office. *~ Claim Your FREE 45 min Strategy Session NOW! 👉 aba.link/5xe

[@jessicamann684]

toby, Could you do an update on this video. I want to know under the current tax laws, what is the most efficient way to maximize home office Ideally as a reimbursable expense for a c-corp. What reasonable methods have you used with your clients and which of those methods result is the highest tax-free reimbursements? I have a 4 bedroom house in a high real-estate tax city. Real estate taxes are around $9K/year. If I If I were to simply use a simple "occupiable room" based method of splitting non-depreciable indirect costs of the home, I would have $2250 right away just in real-estate taxes.

[@TobyMathis]

It is actually on my schedule to do. The room method tends to work the best for most people. Divide the home in to relatively equal spaces - rooms - and use that to determine what percentage is reimbursable.

[@NEXT-Real]

Good morning, does this apply to LLC partnership? Or S or C corp only?

[@jonathannewsome9888]

When using the “room method”, is that total rooms, bedrooms only, or bed and bath rooms? Thanks you guys

[@BadWeatherfreak]

In my case I use a guest bedroom for office. I am planning on buying furniture like filling cabinet. Can I write that off?

[@murdered350]

Bad Weatherfreak ... everything that you buy for that office to assist in your office work

[@atomicbrothers8600]

Not mentioned here...your home office has to be used solely as an office...i.e. can't be a spare bedroom and an office. Take that bed outta there LOL

[@jbenitez22]

@@atomicbrothers8600 pull out couch!

[@rstscott]

@@atomicbrothers8600 LOL the chances of an IRS agent physically inspecting your home office are slim to none for most business owners😂

[@KevinNThomasII]

Good afternoon. Do I write the reimbursement check during tax season?....of the following year?

[@adamcartermi5]

I have an S-corp. and have done what you said. I bought a computer and a desk and a chair for my home office with my biz account. Can the business buy an expensive piece of art for the home office? (Aside from sales tax buying the item) does it actually count as a personal expense and not a business expense? Thanks.

[@josephgerhardt4828]

(im not an expert) but from my knowledge of write offs you'd be fine unless they audit you

[@DougDavies428]

@@josephgerhardt4828 Saying you're fine unless they audit you is saying you are NOT fine.

[@junepark1005]

can you write off home office deduction when you are living with your parents and renting the 2nd floor of the house?

[@kingsolomon579]

What if it’s not S Corp or Corp? I have an LLC ?

[@dusty5472]

I as well.

[@randyvetter2406]

I have an LLC also

[@jomission5793]

what happens if you own the house and no loan or mortgage interest?

[@DSmilezB]

This is he best example I’ve ever seen!!! Thanks

[@choeurn]

Do we have to report a w9 to our own S Corp business ??

[@buzybill]

How would my S or C Corp book the accountable plan? Office rental?

[@donttread5414]

IRS allows the simplified home office deduction of $5 per sq ft to a max of 300 sq ft (instead of using the regular method). Is this deduction allowed even if you live rent free, ie with relatives and dont have any home expenses?

[@eddievargas2868]

Can you do this living in an apartment?

[@DougDavies428]

As Toby and Jeff said, it applies to apartments as well. You can take the appropriate share of rent, utilities, etc ... and have your business reimburse you.

[@uhrich11]

This vid would be greatly improved if you could go into the specifics of how/why not to claim this myself....this entire vid is predicated on the idea that I can get an employer (of mostly remote employees) to suddenly be interested in reimbursing all their employees for their work space. This advice essentially reduces the point of the vid to, "can you get your boss to do this? If not, get wrecked." Who has a boss that will be up for reimbursing and extra $500 to (wow) $1404? I want to work for that idiot! So, not super helpful, but if you combined this info with info for/about doing it myself, rather than just saying it's not good, that would be helpful.

[@jasonjohnson3424]

My thoughts exactly. Not many employers offering to do increase their burden.

[@markterzi857]

This advice is for someone who has a business, or a side hustle. While it could have been made clearer he technically says it at 0:22.

[@uhrich11]

@@markterzi857 yeah I get it, I was one of those people and I found the answers I needed, just not here, where they could have been.....the vid could have had an extra minute (or a few less, if we're being critical) to address people whose boss/owner/etc was not going to comp them (or any of the other examples), the things I'm talking about didn't take a lot of effort to find, not even a different platform, but as someone who had watched some of his other vids and liked them, I thought I'd just chime in and say there were things I needed and didn't find.I made my vids different when I discovered that someone was actually watching me because shit....give the people what they want! Like when the cashier asks me if I found everything ok, it's just customers saying how they're doing and content providers listening and getting better at the sale. No harm, no foul, no insult, just answers or not answers. It might just be me, but I've always been more motivated to give feedback when I like the product/person/etc., it's not a burn, the dude can't see me watching his vids, doesn't know what companies pay millions to hear test groups say, so I'm kicking it down for free. Cause I give like that, Mark. I'm a giver.

[@jmw434]

For most employees reimbursement during covid is basically your paycheck....if this reimbursement was legit all companies would offer this for working from home during covid I'm sure some do but most don't

[@theyjcpa]

Great simple explanation!

[@TobyMathis]

theyjcpa Thank you, we're glad you found the video helpful.