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Claiming a Simplified Home Office Deduction During COVID-19 [CadeHildreth.com — Audio Feed]
When it comes to taking a home office deduction on your annual taxes, there are two ways to do it—a simplified home office deduction or a regular deduction.
With the simplified option, you use the square footage of your home office space (up to 300 square feet) and multiply it by $5 per square foot for a deduction of up to $1,500. With regular method, you use precise calculations that allow you to deduct expenses such as mortgage interest, insurance, utilities, taxes, repairs, and more.
So, the question becomes, do you qualify to take a home office deduction? If so, which one should you use? Let’s dive in.
ABOUT THE PODCAST:
This podcast is an audio feed of the website, CadeHildreth.com, where you’ll learn what you SHOULD’VE been taught in school.
As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness enthusiast, Cade will teach you what your parents and teachers should have taught you but didn’t know themselves.
You'll learn how to increase your income, negotiate a raise, buy real estate, invest for cash flow, lose 10 lbs fast, reveal 6-pack abs, and so much more.
CONNECT WITH CADE:
Website: CadeHildreth.com
Instagram: Instagram.com/CadeHildreth
Twitter: Twitter/CadeHildreth
Facebook: Facebook.com/CadeHildreth
Pinterest: Pinterest.com/CadeHildreth
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By CadeWhen it comes to taking a home office deduction on your annual taxes, there are two ways to do it—a simplified home office deduction or a regular deduction.
With the simplified option, you use the square footage of your home office space (up to 300 square feet) and multiply it by $5 per square foot for a deduction of up to $1,500. With regular method, you use precise calculations that allow you to deduct expenses such as mortgage interest, insurance, utilities, taxes, repairs, and more.
So, the question becomes, do you qualify to take a home office deduction? If so, which one should you use? Let’s dive in.
ABOUT THE PODCAST:
This podcast is an audio feed of the website, CadeHildreth.com, where you’ll learn what you SHOULD’VE been taught in school.
As an LGBTQ+ entrepreneur, real estate investor, former USA Rugby Player, and fitness enthusiast, Cade will teach you what your parents and teachers should have taught you but didn’t know themselves.
You'll learn how to increase your income, negotiate a raise, buy real estate, invest for cash flow, lose 10 lbs fast, reveal 6-pack abs, and so much more.
CONNECT WITH CADE:
Website: CadeHildreth.com
Instagram: Instagram.com/CadeHildreth
Twitter: Twitter/CadeHildreth
Facebook: Facebook.com/CadeHildreth
Pinterest: Pinterest.com/CadeHildreth