Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know bit.ly/3DPw5UZ Schedule your FREE Tax Advisory Session: www.TaxPlanningCall.com
Just want to say thanks. Your videos are not only informative but you also give me the confidence to implement these strategies. I love how you express that these strats are legal and the IRS is fine with them. Other tax dudes and gals online are way too timid and don't give you that solid confidence that you do. Thanks bud
Im a CPA myself and thought that presentation was concise and solid! You mention owner and employee - Can one be an owner and take the home office expense, but not be an employee? (don't issue w2). Ive seen independent contractors being allowed to be considered employees for definition purposes with other topics.
What kind of house generates $13k in home office deductions? I'm looking at mine I'm only getting about $5k at 20%. Her house must be worth several million dollars, and I usually find that rooms in such houses have at best 5% of the space because they are so large. Edit: this video didn't mention she's taking section 280A payments to get to that $13k, which aren't technically "home office" reimbursements. The "Over $49k saved" video more clearly shows this.
Hi Boris. Thanks for the great content. 1 Question for you. I watched a video of a an Etsy owner who makes handmade items. She said you can write off your entire apartment/house if you have inventory in every room, use every room to make products and do product photography. She showed her house and she practices what she preaches. Lol. Can you advise if this is true? This is also my life. I have 2 e-commerce stores. One of them is making candles. I use my kitchen to do that. I keep inventory ALL over my apartment. 🤦🏻♀️ I don’t recommend, but you do what you gotta do!! TYIA! 🙏🏼
How does it work in a partnership where partners share responsibilities and each use personal residence to do "some" administrative tasks? Is deduction based on the ownership interest? Or each partners should the deduction based on the square footage % regardless of how much time spent doing the work?
Boris, I am sure I am just not understanding something but. If I had a 300sq ft. office at $5 per sq ft. Thats $125/mo worth of expenses. Now, WITHOUT a reimbursable plan that would be Debit to Home Office Expense and a Credit to Equity. In which case it would increase basis. Assuming you were an only owner, you could make a distribution of $125/mo with a Credit to Cash and Debit to Equity, which would be tax free even without a reimbursement plan because of the initial basis increase. A reimbursement plan, from my understanding would simply treat the transaction as if the business had incurred the expense, bypassing the expense/cash/equity journal entry. So I guess my question is in two parts. 1) Am I correct in the above?, and 2) If I am correct, is it also correct to assume that Reimbursment plans are only useful for multi-owner partenrships/s-corps to avoid any odd basis adjustments? I hope this makes sense.
Hi. If I want to use accountable plan for reim from scorp to my such employee. Should I have Bill of mortgage interest, utilities on my own name? Thank you
Great video Boris. Question.. I work p/t mornings..w2 20 hrs week (4 hrs day) I also do 20 hrs as an independent contractor at how in my office. Can I still use home office deduction on my 1099 income
Great content, Boris! I’m a little confused, perhaps you could help me figure this one out…I'm a full-time w-2 employee and I just opened LLC which is not related to my w-2 job. I have a designated area in my apartment and it's being used exclusively for the administrative and all other purposes of my LLC business. Can this home office qualify for tax deduction?
Great video! How does your strategy reconcile the IRS requirement for a home office to be the "Principal place of business" when the dental clinic claims this designation, arguably? Thanks.
Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know bit.ly/3DPw5UZ
Schedule your FREE Tax Advisory Session: www.TaxPlanningCall.com
Just want to say thanks. Your videos are not only informative but you also give me the confidence to implement these strategies. I love how you express that these strats are legal and the IRS is fine with them. Other tax dudes and gals online are way too timid and don't give you that solid confidence that you do. Thanks bud
Thank you for this feedback!
Im a CPA myself and thought that presentation was concise and solid! You mention owner and employee - Can one be an owner and take the home office expense, but not be an employee? (don't issue w2). Ive seen independent contractors being allowed to be considered employees for definition purposes with other topics.
Great job Boris! This one hit home/office.
Thank you very much!
Subscribed, happy to share this channel with my business clients
Thank you for the valuable info!!😊
What kind of house generates $13k in home office deductions? I'm looking at mine I'm only getting about $5k at 20%. Her house must be worth several million dollars, and I usually find that rooms in such houses have at best 5% of the space because they are so large. Edit: this video didn't mention she's taking section 280A payments to get to that $13k, which aren't technically "home office" reimbursements. The "Over $49k saved" video more clearly shows this.
Nice Job Boris, it was nice talking with you today.
Thanks, you too!
I do volunteer taxes. Getting ready to do 3years of schedule c. This was so helpful
Where do i enter the home office deduction if im part owner in an LLC? All the partners get schedule k1s.
Hi Boris. Thanks for the great content.
1 Question for you.
I watched a video of a an Etsy owner who makes handmade items. She said you can write off your entire apartment/house if you have inventory in every room, use every room to make products and do product photography. She showed her house and she practices what she preaches. Lol.
Can you advise if this is true?
This is also my life. I have 2 e-commerce stores. One of them is making candles. I use my kitchen to do that. I keep inventory ALL over my apartment. 🤦🏻♀️ I don’t recommend, but you do what you gotta do!!
TYIA! 🙏🏼
How does it work in a partnership where partners share responsibilities and each use personal residence to do "some" administrative tasks? Is deduction based on the ownership interest? Or each partners should the deduction based on the square footage % regardless of how much time spent doing the work?
Very informative and watchable. Thank you sir.
Curious - how does your strategy work for a sole-proprietor (Not an S Corp or LLC Member)? Thanks in advance!!
Boris, I am sure I am just not understanding something but. If I had a 300sq ft. office at $5 per sq ft. Thats $125/mo worth of expenses. Now, WITHOUT a reimbursable plan that would be Debit to Home Office Expense and a Credit to Equity. In which case it would increase basis. Assuming you were an only owner, you could make a distribution of $125/mo with a Credit to Cash and Debit to Equity, which would be tax free even without a reimbursement plan because of the initial basis increase. A reimbursement plan, from my understanding would simply treat the transaction as if the business had incurred the expense, bypassing the expense/cash/equity journal entry. So I guess my question is in two parts. 1) Am I correct in the above?, and 2) If I am correct, is it also correct to assume that Reimbursment plans are only useful for multi-owner partenrships/s-corps to avoid any odd basis adjustments? I hope this makes sense.
Hi. If I want to use accountable plan for reim from scorp to my such employee. Should I have Bill of mortgage interest, utilities on my own name? Thank you
Great video! Just had YT surface your channel on my feed. Question….what if the home is paid off…is there a different approach?
Thanks for making quality videos. Looking forward to watching future indepth videos
Boris, I live in Florida so I have no state tax. Do I need my accountant to be in Florida for my best result for taxes?
Great video!! Thank you.
Glad you liked it!
Great video. I love having a home office and highly recommend that business owners consider it. 😄
I totally agree!
How does this work if I just rent a room where I live and work out of? Would I be able to deduct my rent?
super helpful for new business owners!
Excellent explanation
Great video Boris. Question.. I work p/t mornings..w2 20 hrs week (4 hrs day) I also do 20 hrs as an independent contractor at how in my office. Can I still use home office deduction on my 1099 income
Boris- can I take deduction the mortgage if I don’t legally own the house but living with my fiancé?
Thanks for everything you do
Hi, that’s a great question! You can schedule a call at www.TaxPlanningCall.com, and I’ll help you figure it out
- Boris
Great content and thanks for the home office help!
Happy to help!
Excellent!🙌🏼
Thank you 🙌
Can an employee working from home use this deduction?
Great content, Boris! I’m a little confused, perhaps you could help me figure this one out…I'm a full-time w-2 employee and I just opened LLC which is not related to my w-2 job. I have a designated area in my apartment and it's being used exclusively for the administrative and all other purposes of my LLC business. Can this home office qualify for tax deduction?
Great video! How does your strategy reconcile the IRS requirement for a home office to be the "Principal place of business" when the dental clinic claims this designation, arguably? Thanks.
Lol watch the video till the end and download the resources that I provided!
How does this work if you are renting an apartment but uses one room solely as an office?
Thank you, very informative
Excellent content
Great Info thanks Boris
Great video!
Boris, are you working with clients from other states?
Yes we are, you schedule your call here: www.TaxPlanningCall.com
Great information 🤟🏿
Your the best
Book Downloaded!
correction: you can’t deduct a portion of your mortgage.
thanks im loving learning taxes! Sounds crazy but when you get info like this its amazing ! thanks