Video Discription |
Self-Employed: Home office deduction, simplified method: Use Form 8829 to figure the allowable expenses for business use of your home on Schedule C or F (Form 1040). If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes. Taxpayers may use a simplified option when figuring the deduction for business use of their home. Note: This simplified option does not change the criteria for who may claim a home office deduction. It merely simplifies the calculation and recordkeeping requirements of the allowable deduction. Simplified option is a standard deduction of $5 per square foot of home used for business (maximum 300 square feet). Allowable home-related itemized deductions claimed in full on Schedule A. (For example: Mortgage interest, real estate taxes). No home depreciation deduction or later recapture of depreciation for the years the simplified option is used.
FIND JJ THE CPA'S CPE, TAX SEMINARS, BOOKS, SOCIAL MEDIA & MORE
https://linktr.ee/jjthecpa
JJ THE CPA's WEBSITE
https://www.jjthecpa.com/
JJ THE CPA's ERTC SEMINAR YOU NEED TO CHECK OUT MORE INFO
https://www.jjthecpa.com/ertcseminarsignup
HOME OFFICE DEDUCTION IRS FORM 8829
https://www.irs.gov/forms-pubs/about-form-8829
IRS SIMPLIFIED HOME OFFICE DEDUCTION EXPLAINED
https://www.irs.gov/businesses/small-businesses-self-employed/simplified-option-for-home-office-deduction
IRS HOME OFFICE DEDUCTION EXPLAINED BY THE IRS
https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction
IRS Publication 587 (2021), Business Use of Your Home
https://www.irs.gov/publications/p587
"SLIVER" AS MENTIONED IN VIDEO
Home office deduction available by claiming on Form 2106 for those able to deduct certain business expenses on Schedule 1 (Form 1040) for reservists, performing artists and fee-basis government officials. See Form 2106 and instructions for more information for those qualifying:
https://www.irs.gov/forms-pubs/about-form-2106
IRS SCHEDULE C FORM & INSTRUCTIONS
https://www.irs.gov/forms-pubs/about-schedule-c-form-1040
IRS SCHEDULE F FORM & INSTRUCTIONS
https://www.irs.gov/forms-pubs/about-schedule-f-form-1040
JJ the CPA covers: Taxes, tax issues, self employed tax planning, tax planning, self-employment, ERTC, ERC, PPP loan forgiveness, Employee Retention Credit, EIDL, Economic Injury Disaster Loan, EIDL Grant, Form 1040, Form 1120S, Form 1120, Form 1065, Form 941, Form 940, Form W-2, Form W-3, Form 1120-S, Form W2, Form W3, Itemized deductions, Schedule A, Schedule B, Interest Income, Schedule C, Self Employment Income, Sole Proprietor, Single Member LLC, Limited Liability Company, LLC tax issues, S corporation taxes, Partnership tax issues, Corporate tax issues, Schedule E, Real estate tax planning, Real estate depreciation, Depreciation, Section 179 depreciation, vehicle depreciation, SUV tax depreciation, Bonus depreciation, Form 4797, Schedule F, Farm tax issues, Farming tax planning, Commercial Real Estate tax planning, capital gains, capital losses, cryptocurrency tax issues, crypto-currency tax capital gains tax rates, married filing jointly, married filing separately, single filing status, head of household tax issues, child tax credit, child care tax credits, advance child tax credits, IRS letters, IRS letter 6419, IRS Letter 6475, Schedule K-1, Schedule K-2, Schedule K-3, Schedule K, Schedule M-1, Schedule M-2, Schedule K1, Tax exempt income, PPP loan forgiveness tax exempt income, IRA distributions, Roth IRA contributions, IRA contributions, 401K contributions, Employment tax issues, Employee taxes, Employment withholdings, Form W4, Re-contributions of IRS, Cares Act, American Rescue Act, ACA, Appropriations Consolidation Act, FFCRA, Sick leave credits, family leave credits, employee retention credit, EIDL, Dependent care tax credits, Form 2441, American Opportunity Tax Credit, Lifetime Learning Credit, Self-employment tax, net investment tax, net investment income tax, Form 8960, tax basis, at-risk basis, shareholders basis, stock basis, Form 7203, partnership capital, partnership basis, partners, share of liabilities
#jjthecpa #taxes #tax #cpa #smallbusiness #selfemployment #selfemployed
COMMENTS ARE NOT REVIEWED. PLEASE DO NOT EXPECT AN ANSWER TO YOUR QUESTIONS.
PLEASE REVIEW FULL DISCLAIMER
https://www.jjthecpahelp.com/youtubedisclaimer
I AM A CPA, BUT I AM NOT YOUR CPA. YOU MUST CONSULT WITH YOUR OWN TAX, FINANCIAL & LEGAL ADVISER. ANY INFORMATION ON THIS CHANNEL IS INTENDED FOR INFORMATIONAL PURPOSES AND FOR GENERAL GUIDANCE ONLY AND MUST NEVER BE CONSIDERED A SUBSTITUTE FOR ADVICE PROVIDED BY YOUR ADVISERS. THIS CHANNEL DOES NO CONSTITUTE ADVICE. |