Home Offices provides a tax benefit. That’s the result you achieve when you claim an office in your home.
You must qualify for the home-office deduction, in order to tax the deduction. One of the qualifications is no spouse and only one business. However, most of us are serial entrepreneurs whom are married. Adding a spouse or another business to the equation and this deduction can become more complicated.
The IRS will disallow your home office deduction if you don't follow the rules.
As your business continues to grow, I wanted to make sure that you were aware of these rules.
If you want to ensure you are following the rules, please don’t hesitate to contact us for Tax Strategy Session. We will put together a tax plan for you.
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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.