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How to Write Off Your HOME EXPENSES as a BUSINESS! [Home Office Deduction Explained by CPA]

  Рет қаралды 20,965

LYFE Accounting

LYFE Accounting

Күн бұрын

Here are the exact steps to taking the Home Office Deduction!
Become a Tax Client: mycpacoach.com...
Sherman the CPA explains BOTH methods - the simple method and regular method, and then tells you which one will likely save you the most money on taxes.
So if you want to deduct some of your mortgage payments, rental expenses, property taxes, home insurance, utilities, and so much more - make sure you watch this video until the end.
Watch Next:
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Learn the Basics of Bookkeeping • Learn the Basics of Bo...
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Instagram: / shermanthecpa
TikTok: / shermanthecpa. .
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 73
@nurygarcia1860
@nurygarcia1860 4 ай бұрын
You are the best on explaining everything! Thank you
@TimewithLivi
@TimewithLivi 2 жыл бұрын
What I really love about this change is the simple examples because that’s how I process things. Thank you!
@corbin624
@corbin624 2 жыл бұрын
Fellow accountant here, this is great content. Subscribed. Well organized and easy to understand!
@jenna0616
@jenna0616 Жыл бұрын
Wow! You have no idea how valuable your generous information has been a GAME Changer for me! Thank you!!
@tamikarobinson684
@tamikarobinson684 5 ай бұрын
LOVE LYFE Accounting! They have helped me elevate my taxes when it comes to my small business, and come up with the proper tax strategies!
@larryanderson7821
@larryanderson7821 Жыл бұрын
Thanks for your information about Deduction for your Home, Larry
@jtaylormusicnow1
@jtaylormusicnow1 4 ай бұрын
Thank you sir.
@lisagottes913
@lisagottes913 Жыл бұрын
I really appreciate the ease of explanation you provide. Thank you!
@truwisdom2022
@truwisdom2022 2 жыл бұрын
Wow! Thank you, this was so helpful. Can you explain the process of saving money for writing off a car that is salvage. This car is paid for. Thank you kindly!
@clewis266
@clewis266 Жыл бұрын
What about if your building a custom home from the ground up? Can you use business funds towards the home building cost for the home office and deduct them all for the expense of building the home office?
@SirGriff
@SirGriff 2 жыл бұрын
This is super awesome info. I'm just nervous to use it because I never have in the past even though I could have.
@curleeharris1197
@curleeharris1197 Жыл бұрын
What if office smaller than 300sqft, can I still use the regular method or would I have to use simple method? Also, in one portion you say can deduct mortgage interest but in other portion u say can deduct portion of mortgage. So can I deduct portion of mortgage as well as the interest, taxes, etc?
@my2mylife
@my2mylife Жыл бұрын
Very helpful and concise
@gerardomiguelperez3930
@gerardomiguelperez3930 Жыл бұрын
Hey very informational! Can we take the home office deduction while also taking a a rent deduction? so Rent + utilities * business use percentage. is this possible?
@SouthernRedOnline
@SouthernRedOnline 2 жыл бұрын
This was explained so well, thank you
@kaioiamo1503
@kaioiamo1503 2 жыл бұрын
Thanks for all you do!
@theadornedlocket
@theadornedlocket Жыл бұрын
Love your videos, very informative and will be doing the home office deductions this year for 2022 for the first time! Thank you!
@georgestudymire8795
@georgestudymire8795 2 жыл бұрын
Sean man, you the bomb man. Thank you 😊....
@MrCanada4evr
@MrCanada4evr 2 жыл бұрын
Thanks again, Sherman!
@MultiVisionProductionsTampa
@MultiVisionProductionsTampa 11 ай бұрын
Thanks so much....doing this for sure
@davidjonburke2729
@davidjonburke2729 Жыл бұрын
Can you do this if you have also have a second office outside of your home?
@MadamT_
@MadamT_ Жыл бұрын
This is awesome thank you so much for this!
@FinancialFreedomMadeSimple
@FinancialFreedomMadeSimple 2 жыл бұрын
Great information! This video is very helpful,
@chassidywebdesign3672
@chassidywebdesign3672 2 жыл бұрын
This was great. Easy to understand and apply. I'll keep this one in mind! Thank you
@jacquelinepadilla4033
@jacquelinepadilla4033 5 ай бұрын
Thanks so much for this valuable information. I have a question I have a soap business and I make homemade soap in my home I use my kitchen and dining room area. I created an LLC for my business last year. I would like to write off the home expenses but at this time that would exceed what my current profit is. Is it still ok to to write them off?
@ladyemontgomery3547
@ladyemontgomery3547 2 жыл бұрын
heck yeah for 2023
@sweetietee19
@sweetietee19 5 ай бұрын
Do home expenses also include the rent
@AT-yh4gf
@AT-yh4gf 2 жыл бұрын
Thanks you! This video is awesome!
@shericeskreativlane
@shericeskreativlane Жыл бұрын
Great video! Can you use a walk-in closet for a home office?
@cafevirtualconrociocabrera3692
@cafevirtualconrociocabrera3692 2 жыл бұрын
Great information. Thank-you
@wishfulthinking7909
@wishfulthinking7909 2 жыл бұрын
Very handsome. Thank you for the advice. This clears up a lot of my questions
@stephenadams8698
@stephenadams8698 2 жыл бұрын
What are the best platform to make money in crypto? 🙏
@drelliotn.kennedy988
@drelliotn.kennedy988 2 жыл бұрын
I have been seeing a few ads pushing some investors here, not really sure if to go with it
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@SimonKelly7836 2 жыл бұрын
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@Rick.4890 2 жыл бұрын
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@Tonyforeman659 2 жыл бұрын
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@Dylan-baerber3486 2 жыл бұрын
I'm short of word's.. Like people on here trade with Gillian Sara.? Just now?!... I don't trade myself but she trades for me and give weekly returns on your investment in which I can then invest again, she's really good
@behappy886
@behappy886 2 жыл бұрын
Thank you, so helpful. ❣
@yourfriend4170
@yourfriend4170 2 жыл бұрын
Thank you for such an easy detailed video, thank you for your time to educate all of us who are new to this 😍 So do i have to pay for rent and utilities from business account then if I’m single member LLC?
@jaeproductions6x108
@jaeproductions6x108 Жыл бұрын
This was very helpful. Thank you so much. One question: can you still take these deductions if you don’t pay your mortgage and bills etc from your business account? I use my personal account to do this.
@AndreaOwen17
@AndreaOwen17 2 жыл бұрын
What if you have two businesses in your home, how do you split the utility bills if you use the same space for both businesses.
@rociomazza4321
@rociomazza4321 2 жыл бұрын
As a renter of my home, are there any other deductions that can be added in addition to this formula for using my rental as an office for my business? For example, a 💡 light bill
@GeeVisionS
@GeeVisionS 2 жыл бұрын
He said rent, UTILITIES aka Light Bill, HOA fees etc so Yes your light bill.
@KB-ok5ob
@KB-ok5ob Жыл бұрын
Question.... what if my "home business" is being a landlord and renting out a portion of a home that i am taking a mortgage out on. I will be living in the home and renting out a portion of the home to my family members. 3 out of 4 bedrooms are rented to my tenants 1 out of the two bathrooms are rented to my tenants and i use a dedicated hallway & closet as my office. Can i deduct the bathroom that is not being used by tenants as part of my home office? Say i use that bathroom only during my business hours & i don't let my tenants use that bathroom for their personal use & i also dont use that bathroom for personal use either... Would that be OK?
@christinajones2155
@christinajones2155 2 жыл бұрын
Ty!
@woo3131
@woo3131 2 жыл бұрын
What if you have a small business and didn't have any revenue. How do you file?
@theirvs793
@theirvs793 2 жыл бұрын
Are you all accepting clients?
@lisaa8853
@lisaa8853 Жыл бұрын
If my insurance and my taxes are included in my mortgage payment, (escrow) would I figure it that way or would I figure it separately as far as the principal amount and then what my actual insurance is and my taxes are for that year? I know sometimes they can be a little different, so I just wanted to know if one way is more acceptable than the other.
@scottellingboe8472
@scottellingboe8472 2 жыл бұрын
What if I run a business out of a 500sq foot RV that I full time live in? Would I be able to write off any of the expenses associated with lot rent and other costs associated with the RV?
@nrjpartners8175
@nrjpartners8175 2 жыл бұрын
Does replacing a driveway for your home office use the same formula?
@jovitahollins8130
@jovitahollins8130 Жыл бұрын
Hi is it possible to write off a youtube studio as a home office?
@delorestaylor7206
@delorestaylor7206 2 жыл бұрын
Thank you for this great information! I registered a one member LLC at the end of December 2021 and my business is not operational yet. It's home-based and my office will be used 100% of the time with outside related services 30% of the time. Because my business is not operational yet, do I have to wait until next year to deduct partial mortgage interest, utilities costs etc. although I can deduct start up costs now? Thanks.
@KingJamesIsrael
@KingJamesIsrael 6 ай бұрын
Does appartments count 🤔
@FelipeSalum
@FelipeSalum 2 жыл бұрын
I manage my rentals from home office. How can I write off it without a schedule C ?
@SydneyWhite
@SydneyWhite 2 жыл бұрын
Can you still take this deduction if you have a small brick and mortar without a office space?
@bradmogan5616
@bradmogan5616 2 жыл бұрын
How does this work if your are an SCORP mot an LLC? Would I have to pay myself amd add to my income and then expense it?
@lborate3543
@lborate3543 6 ай бұрын
A friend told me if you do this deduction, whn you sell your home you have to pay the taxes for thr write offs. Is this true?
@carebear4554
@carebear4554 2 жыл бұрын
What if I use my phone and utilities 30% of the time for work but only claim a 12% work space area? The math seems off.
@Aqueenlee
@Aqueenlee 2 жыл бұрын
I understand how to apply the HO deduction but what if your business is new and you did not make any money last year?
@dessacunningham7458
@dessacunningham7458 Жыл бұрын
This is my question also.
@kamilya1126
@kamilya1126 2 жыл бұрын
Will this method work if I buy a 3 bd rm house in the business name and use one of the rooms as an office?
@JWilliamONE
@JWilliamONE Жыл бұрын
I am a W2 employee with a side hustle as my business. Would I still be eligible to deduct these home expenses?
@ChrisAbeleda
@ChrisAbeleda 2 жыл бұрын
Is there a minimum amount of income that the business needs to accrue in order to take these write-offs?
@daywlkr8
@daywlkr8 Жыл бұрын
No one covers deprecation
@sterlgirlceline
@sterlgirlceline Жыл бұрын
⭐️⭐️⭐️⭐️⭐️⭐️
@LifeTimeDreams51
@LifeTimeDreams51 2 жыл бұрын
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