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  1. #41
    Member Freshman Undergraduate
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    Great thread! The last two years I have done my own business taxes. Next year will be my third year as a business and we are growing pretty fast. I'm no CPA but I'm pretty sure I can continue to do my taxes while keeping all of my records for when I get audited. Although, I have debated on hiring an accountant. What are your thoughts?

  • #42
    Exterior Restoration Specialist 21000 PLUS POSTER Ron Musgraves's Avatar
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    Tax Deductions in Powerwashing
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  • #43
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    You should be claiming the home office deduction as long as you meet the IRS requirements such as exclusive business use of the space, and having no other office location. The first method of claiming this deduction is the Simplified Method calculated at $5/per sq ft up to a cap of 300sq ft. The other method is the regular method that involves calculating the proportion of the business space to the overall home expense. The requirements and calculations apply whether your business is local or expat

  • #44
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    You should be claiming the home office deduction as long as you meet the IRS requirements such as exclusive business use of the space, and having no other office location. The first method of claiming this deduction is the Simplified Method calculated at $5/per sq ft up to a cap of 300sq ft. The other method is the regular method that involves calculating the proportion of the business space to the overall home expense. The requirements and calculations apply whether your business is local or expat

  • #45
    Exterior Restoration Specialist 21000 PLUS POSTER Ron Musgraves's Avatar
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    Quote Originally Posted by Sarahaw View Post
    You should be claiming the home office deduction as long as you meet the IRS requirements such as exclusive business use of the space, and having no other office location. The first method of claiming this deduction is the Simplified Method calculated at $5/per sq ft up to a cap of 300sq ft. The other method is the regular method that involves calculating the proportion of the business space to the overall home expense. The requirements and calculations apply whether your business is local or expat
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