Estimated tax tip savings. If you operate your business as a corporation and you have a legitimate office in the home, you have three basic ways to claim the deduction. Doing it wrong produces zero dollar benefit from the office in the home and, in addition, can dramatically reduce vehicle deductions.
Business owners with an office in the home commonly use one of three tax-deduction methods in an effort to achieve tax benefits:
One method provides no tax benefit; it’s just smoke and mirrors.
The second method might create a small deduction or none at all.
The third method is the correct choice, as it ensures the full tax deduction, possibly reduces your chances of an IRS audit, and ensures vehicle deductions.
Why do so many owners of corporations take the wrong road to the office in the home deduction? There are two common reasons. Either they simply don’t understand the tax code, or they received incorrect advice. In this article, you as a corporate owner will find everything you need to recalibrate your deduction for an office in the home and start putting thousands in your ... Log in to view full article.