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Deductions & credits
Thank you again for helping me! My wife and I are the shareholders and own 50% each in our luxury home cleaning business. We did not pay ourselves a wage or any distributions this year as we had a net loss, many post-opening expenses, and only opened on 6/1/2016 (I know we will need to pay ourselves a wage next year to be complaint with the IRS in regards to S Corp rules).
We had a small net loss before including the vehicle reimbursement expenses, and the home office expense will only increase that loss further.
My wife and I have never had a NOL on our personal return(s) before.
Our office is 14.9% of the total square footage of the home we own. It's a loft in our house used exclusively as our business office. I included the 14.9% of mortgage interest, real estate taxes, HOA dues, gas, electricity, internet, and sewer and water. Hopefully I didn't miss anything. I have not messed around with depreciation at all, unless needed, as I do not want to complicate things when we sell our house in the distant future.
Not to make anything more complicated, but we do have a specific section in our garage that is exclusively used to store our chemicals, cleaning equipment, vacuums, and 1 large carpet extractor. Its 50 square feet, but I haven't considered researching this as a separate deduction unless you would recommend otherwise.
Thank you so much again for your help and let me know what other information I can provide
We had a small net loss before including the vehicle reimbursement expenses, and the home office expense will only increase that loss further.
My wife and I have never had a NOL on our personal return(s) before.
Our office is 14.9% of the total square footage of the home we own. It's a loft in our house used exclusively as our business office. I included the 14.9% of mortgage interest, real estate taxes, HOA dues, gas, electricity, internet, and sewer and water. Hopefully I didn't miss anything. I have not messed around with depreciation at all, unless needed, as I do not want to complicate things when we sell our house in the distant future.
Not to make anything more complicated, but we do have a specific section in our garage that is exclusively used to store our chemicals, cleaning equipment, vacuums, and 1 large carpet extractor. Its 50 square feet, but I haven't considered researching this as a separate deduction unless you would recommend otherwise.
Thank you so much again for your help and let me know what other information I can provide
May 31, 2019
6:57 PM
7,923 Views