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Deductions & credits
Ok. That makes sense. While setting up the business I made an "official" Accountable Plan Document outlining the details of the home office reimbursement as I did not want to rent the space to the business and have to report the income.
I will NOT claim the home office expense reimbursement as deduction for the S-Corp. Will I still be able to claim the home office deduction on my personal taxes as a business related expense. If I can, do you think I should claim separate deduction for the space I use in my garage I use exclusively for storing my chemicals, small cleaning equipment, and a large carpet extractor? However, I'm fine with not messing around with this storage space as my CPA friends were unsure and I don't want to set off any red flags with the IRS. Thank you so much again for taking the time out of your day to answer these questions!
I will NOT claim the home office expense reimbursement as deduction for the S-Corp. Will I still be able to claim the home office deduction on my personal taxes as a business related expense. If I can, do you think I should claim separate deduction for the space I use in my garage I use exclusively for storing my chemicals, small cleaning equipment, and a large carpet extractor? However, I'm fine with not messing around with this storage space as my CPA friends were unsure and I don't want to set off any red flags with the IRS. Thank you so much again for taking the time out of your day to answer these questions!
May 31, 2019
6:57 PM
7,920 Views