Ever found yourself exhausted from transforming your home into your dream office space, only to wonder who pays the bill? In this episode, CEO Danielle Hayden unveils the secrets to maximizing your deductions this tax season with a deep dive into the often-overlooked realm of home office deductions. Explore how your home office can become a tax strategy, the requirements for it to become a business expense, and the different models you can use for tax deductions. Don’t let your hard-earned money slip away – don’t miss out on this full guide to make your home office work for your business!

Download your home office deductions checklist: kickstartaccountinginc.com/homeofficedeductions

Key Takeaways:

  • Home-Office Deductions Basics: Learn how having a home office can be a valuable tax strategy for business owners.
  • Deductions Requirements: Understand the requirements needed for your home office to be determined as a business expense. 
  • Explore the different deduction models for S-Corps and LLCs based on your business and personal preferences such as the Flat Rate and the Percentage Method Models.
  • Learn the importance of having organized documentation, and submitting monthly or quarterly business expenses. 

Topics Discussed: 

Intro (0:00)

Client Example: Freshly Painted Office but Who’ll Pay for it? (1:16)

What is Home Office Deduction (3:13)

First Step: Ask Yourself These Questions! (3:55)

Conversation with Kelsey Chester on Writing Off Your Home Office (4:18)

Second Step: Determine Your Entity Type (5:15) 

Mindset Mastery Framework (6:03)

Accountable Plan: Reimbursement and Documentation (7:06)

What Does the IRS Say? (9:01)

What Home Office Expenses Are Tax-Deductible? (9:54)

S-Corps Have 2 Options (10:57)

LLCs Have 2 Methods: Flat-Rate Method and Percentage Method (11:11)

Last Step in the Framework: Discuss with your CPA (12:42)

Document: Get Ready for Tax Season (13:11)

Don’t Co-mingle Business and Personal Expenses (13:54)

Don’t Leave Money on the Table (14:51)


Other Episodes Mentioned:

Ep 143 – Don’t Jeopardize Your Business! Why Not Co-mingle Business & Personal Finances


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