20: Tax Savings Strategy: How to Calculate and Claim Your Home Office Deduction

While you may be used to tracking your expenses, the home office deduction is a little more complicated (thanks IRS) than simply adding a line item to your books. There are several rules and limitations for a home office, how much you can write off, and how to properly claim that deduction with the IRS. If you’re self-employed or an independent contractor working from home most often and you're not leveraging the home office deduction or you’ve been adding it to your expenses but aren’t aware of the limitations, rules, and forms you need to claim it properly, this episode is for you! 01:36 — How to know if you qualify for the home office deduction, especially if you don't always work from home or in the same room08:33 — Limitations to know about a home office deduction so you don’t create a red flag with the IRS10:44 — The forms you need to use the home office deduction MENTIONED IN THIS EPISODE💵 Home Office Deduction Calculator: https://docs.google.com/spreadsheets/d/1aPSH1No79YxYGaDtTsE_zlXfZ2AEOv2QKkcTIPDeBdQ/copy📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDEGet the Profit and Loss Guide ❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANTGet the Tax Planning Questions Guide 🛍 75+ TAX WRITE OFFS Get the Tax Write Offs ✅ BOOKKEEPING CHECKLISTGet the Book Keeping Checklist 💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERSApply for Bookkeeping or Financial Analysis Services 👋 CONNECT WITH SYDNEY & KRISTEN Website: https://knowyourworthpgh.com/Instagram: https://www.instagram.com/knowyourworth_pgh/ YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/