If you filed your business income and expenses as a proprietor in 2017 and reported $100,000 or more in gross receipts, your chance for an audit by the taxing authority were 2.4 % (by the way those audits can still happen meaning your percentage could increase). Had you reported this income as an S corporation your chance of audit were 20%.
If you are paranoid about audits, and you want to claim the home-office deduction in a way that doesn't attract the attention of the IRS, then you need a plan. Spencer Accounting Group, is where innovate tax solutions and businesses come together.
We will tax do a deep dive into proven strategies to ensure your home office deduction does not even appear as a home office label and its perfectly legal.
We're Here to Help
Get advice from our experienced network of financial managers.
If you Value our Blog, We have an ask.
We spend hours researching data to help you understand your finances and taxes, including historical context, issues, and solutions. Our goal is to empower people to improve their relationship with money. Please consider a $3 donation today.
Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.