Mastering the Home Office Deduction: Key Rules and Common Pitfalls

In this episode of Let's Get Fiscal, hosted by Anastasia Myiesha and Danielle from Coterie Tax, the focus is on understanding the home office deduction. The hosts explain what qualifies as a home office, common mistakes that trigger IRS audits, and how to accurately calculate the deduction. They emphasize the importance of the workspace being the primary place of business and used exclusively for work. The episode also covers how to handle deductions for rent versus ownership, and the importance of precise square footage calculations and expense tracking. Whether you're a content creator or running a home-based business, this episode will guide you through the nuances of claiming a home office deduction confidently.

00:00 Introduction to Home Office Deductions

00:35 Understanding Home Office Qualifications

01:15 Exclusive Use and Principal Place of Business

03:13 Square Footage and Simplified Method

08:24 Renting vs. Owning: Deduction Differences

14:20 Audit Precautions and Common Mistakes

18:54 Conclusion and Final Tips

🔗 Helpful Links & Resources

Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448

Listen on Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11 

Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast 

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