In this episode of the Main Street Business Podcast, hosts Mark J. Kohler and Mat Sorensen guide small business owners through the ins and outs of claiming the home office deduction. They also highlight other valuable tax write-offs, encouraging everyone to maximize their savings. Tune in to learn how to keep more of your hard-earned money!
Here's what you can look forward to:
- Mark and Mat emphasize the importance of understanding the home office deduction and its representation for small business owners.
- They map out the different strategies that exist for various business structures like S corp, schedule C, schedule E, and schedule F
- Detail the different methods for calculating the home office deduction, such as the regular method and the simplified method.
- Expanding the use of home space beyond traditional office settings, such as using kitchens for catering businesses
- Highlight other key business strategies, including putting kids on payroll, funding retirement accounts.
- Suggest thinking outside the box and considering what each business needs when utilizing home space.
- Encourage business owners to demand conversations with accountants about maximizing deductions.
