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Home Office Deduction, Schedule C, Form 1040, Form 8829. How to write off your home office. 

Katie St Ores CFP, ChFC, EA
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Home Office Deduction and your taxes.
Form 1040, Schedule C, Form 8829Home Office Expense.
How to take a home office write off.
Home office deduction video log:
00:11 Home office expense overview
00:55 Who can take a home office deduction?
01:55 What percentage can I deduct
02:15 Actual method vs simplified method
02:32 Home office deduction Safe Harbor method
03:00 Simplified method of home office deduction Example
03:29 Actual method of Home Office deduction
03:53 Example of actual method of Home Office deduction
04:12 Direct expenses vs indirect expenses
04:30 Direct expense example for home office
05:05 When to use actual method for your home office expense
05:40 What can you write off for your home office expense
06:30 Miscellaneous home office expenses
07:48 Form 8829 Home Office Expense
07:52 Expenses for Business use of your home
08:03 Form 1040, Schedule C, Form 8829
09:12 Common mistakes for Home Office Expense on Tax return
11:25 Common mistakes on home office deduction
#homeoffice #ScheduleC #form8829 #Katie_St_Ores
Please understand that these videos are for EDUCATIONAL purposes only and are very general. All people and their financial situations are different. So, it is important to consult your own financial professional.
_________________________________________________
Katie St Ores CFP®, ChFC®, EA, LTC
Financial Advisor, Tax Consultant
St Ores Financial Services
McMinnville Oregon 97128
2023, 2022, 2021, 2020 Women’s Initiative (WIN) CFP® Board
2023, 2022, 2021 Financial Women to Watch on RU-vid

Опубликовано:

 

9 ноя 2022

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Комментарии : 53   
@nandishmehta
@nandishmehta 15 дней назад
Thank you, Katie. Good summary and a simplified overview.
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA 14 дней назад
Thanks Nandish, Glad it was helpful!
@ghosttracker8580
@ghosttracker8580 Год назад
Thank u Katie, u r awesome as always
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
[9:22am PST] @SaintOres.com Thanks Tracker of Ghosts.... I appreciate the nice comment.
@tatianaortiz7842
@tatianaortiz7842 Год назад
Katie, thank you so much. I completed a taxation course in my college, but the way how you explain makes me feel I would like to see you as my professor! Great content!
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
[11:33am PST] @SaintOres.com Привет Татьяна, спасибо большое за добрые слова. Я буду рада помочь тебе с налоговыми или финансовыми вопросами. Можешь просто написать мне лично. С наступающими праздниками тебя и твою семью
@Misha_How_To
@Misha_How_To Год назад
Great job.
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
[9:22am PST] @SaintOres.com Thanks for the visit...
@Dotmcs
@Dotmcs 3 месяца назад
Thanks!
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA 3 месяца назад
Thanks Jermaine. I will think of you when I get my next pastry with my coffee.
@camachogloris
@camachogloris Год назад
Hi . Thankfully 👍
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
[10:54am PST] @SaintOres.com Thanks Gloria....
@scott_t_woodsman
@scott_t_woodsman Год назад
Thanks for the video.
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
[10:54am PST] @SaintOres.com Thanks Scott, You are welcome!
@SILVYAROMERO-th5tr
@SILVYAROMERO-th5tr Год назад
Excellet video!!!
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
[11:13am PST] @SaintOres.com Thanks Again....
@miraclelove991
@miraclelove991 10 месяцев назад
Thanks🌹🌹🌹
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA 10 месяцев назад
Thanks Love, You are so welcome!!!!!
@rajusanaboina4400
@rajusanaboina4400 2 месяца назад
Good morning medam garu 🌹🎉🙏
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA 2 месяца назад
And a good morning to you also....
@misslg1961
@misslg1961 3 месяца назад
I hoped you'd explain how to come up with the business, personal, and commute mileage deduction. An example would be fantastic for beginners like me.😊
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA 3 месяца назад
9:36am PST SaintOres.com Hello Miss Lori, I agree with you. I am making videos on the most common forms in order of the ones I see most in the tax returns I prepare. As for examples, I will make videos of complete business. There will be a nail salon, landscaping business, and trucking since I see a lot of those. Thanks for the suggestion.
@ivettesanchez7947
@ivettesanchez7947 6 месяцев назад
Hello…what if we work from home but use a virtual business address?
@eve4492
@eve4492 Год назад
Help, please. There are mirror direct/indirect boxes on 8829. I thought the first set are only for people who also itemize on Schedule A, but that is where your demo shows those figures going. Which set should I pick if I'm taking the SD? Sorry if you covered this and I missed it.
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
Hello Eve, They will still go to the indirect column on the form 8829.
@evelintorres5316
@evelintorres5316 Год назад
HI Katie you are amazing thank you, I have a question lets say my client wants to deduct rent, utilities , phone etc., lets say he pay pay electric bills monthly all year , do I need to multiply the result x 12? example pay $300 on electric bill all year round so 300 x 0.16 = $48 so I multiply 48x12=576 and I do the same math with other utilities that is paid all year ? Thank you in Advance
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
[01:25pm PST] @SaintOres.com Hello Evelin, Yes, that is a general idea. You will need to take yearly totals for each utility service paid and multiply them by the percentage of office space. Say it is 16% in your example.
@shortsweetness876
@shortsweetness876 Год назад
Hello! Do you have a video on how to fill out the IT 2104 form, aka the New York state tax form?
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
Hello Likkle bit, The closest video I have to that is for Form W-4, Employee's Withholding Certificate.
@shortsweetness876
@shortsweetness876 Год назад
@KatieStOresCFPChFCEA Okay thank you. I'm having a hard time filing out the NY IT 2104. Thank you very much for the timely response. Happy New Year!
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
I'll look into form, I've never gotten a request for it before. And remember, it's the government's job to make confusing forms for us to fill out. Good luck.
@joselobatopastor3349
@joselobatopastor3349 Год назад
Thanks for all the info. Reading Instructions for tax Year 2022. The instructions say If Claiming the Standard Deduction not to use Lines 10 & 11 for Mortgage Interest and Real Estate Taxes, Instead use Lines 16 & 17. Is this a new change?
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
Hello Jose, No, this is not a new change. The instructions to use Lines 16 and 17 instead of Lines 10 and 11 on Schedule C when claiming the standard deduction for mortgage interest and real estate taxes have been in place for several years. The purpose of this instruction is to ensure that taxpayers who claim the standard deduction do not mistakenly include deductions for mortgage interest and real estate taxes on their Schedule C, as these deductions are only available to taxpayers who itemize their deductions.
@joselobatopastor3349
@joselobatopastor3349 Год назад
@@KatieStOresCFPChFCEA Thanks for replying back. You meant Lines 10 and 11 on form 8829? I thought instructions for Lines 10 and 11 were for form 8829 not for Schedule C. So If someone if Claiming the Standard Deduction where should they enter their Mortgage Interest and Real Estate Taxes in form 8829? Lines 10 and 11 or 16 and 17? Thank you for response.
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
Hey Jose, If you’re claiming the standard deduction, you should enter your mortgage interest and real estate taxes Lines 16 and 17 of form 8829.
@tupartinsaben
@tupartinsaben Год назад
@@KatieStOresCFPChFCEA Thank you!!
@clewis266
@clewis266 Год назад
What about if you own a second home that's empty and being used exclusively for a mental health office? Can you use the entire home for the regular home office deduction? We also had the home rezoned as a home business in our county.
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
[4:38 PM PST] @SaintOres.com Hello Clewis, If it has been zoned already as home business use, and you use it regularly and exclusively as a mental health office, you should be able to write it off on Form 8829 (Expenses for Business Use of Your Home).
@clewis266
@clewis266 Год назад
@Katie St Ores CFP, ChFC, EA thank you so much. We actually have 3 businesses, 2 are fairly (this is our first year doing taxes on them). When our new home is finished and we're using the second home exclusively for the practice, can we use the home office deduction for the office in our new house for one of the other businesses too?
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
[12:01 PM PST] @SaintOres.com Hey Clewis, Generally, you can claim the same home office space if you have more than one Schedule C business, but you can't deduct the office expenses multiple times. You'll have to split this expense between the businesses to only claim the total square footage space once on your return. In your case, claiming two businesses (separate Sch Cs)with two different homes (home office deductions) should work.
@rewireyourfire
@rewireyourfire Год назад
I live with my parent and he claims head of household as he is renting the house. I use part of my bedroom in the same house as my “home office”. Would I be able to include this space as a home office for my taxes even though I am not the person renting the house?
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
Hello Rewire, I can only give a general answer since I don't know all the specifics. A home office deduction most likely can't be claimed by you since you don't pay any home related expenses. However, you should consult a tax professional or use tax preparation software to determine if you meet all the eligibility criteria for claiming a home office deduction.
@rewireyourfire
@rewireyourfire Год назад
@@KatieStOresCFPChFCEA I thought that may be the case, but I’ll be sure to ask. Thank you so much and for your videos!! :)
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
You're welcome... Plan a little differently and maybe you can take advantage of the deduction next year.
@southside9417
@southside9417 Год назад
HELP😭IS IT WRONG 2 ask everybody 2 send u $5 an get a IRS person 2 interview for 1 hour so we can ask questions😳
@shericontrary2535
@shericontrary2535 3 месяца назад
what's with the loud noises in videos?
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA 3 месяца назад
I think the loud noise is me talking....
@woofielove1970
@woofielove1970 Год назад
So my co-workers, all of us being solely W-2 employees, are all telling me I can deduct home office expenses, is this wrong for year 2022? Maybe something has changed they don't know about? I receive W-2 exclusively so it looks like I cannot deduct my home office even though I am 100% remote, URGH!
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
Hello Woofielove, Unfortunately, W-2 employees are no longer eligible for the home office deduction. Prior to tax year 2018, employees could deduct home office expenses as long as they passed the “convenience of employer” test. However, the Tax Cuts and Jobs Act (TCJA), passed in late 2017, eliminated the home office deduction for employees. The Tax Cuts and Jobs Act also eliminated other unreimbursed employment-related expenses, such as professional business license fees, work-related supplies, and travel expenses.
@woofielove1970
@woofielove1970 Год назад
@@KatieStOresCFPChFCEA Thank you for helping me understand!
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA Год назад
Thanks Woofie, Glad it helped.
@gabirican4813
@gabirican4813 3 месяца назад
Thanks!
@KatieStOresCFPChFCEA
@KatieStOresCFPChFCEA 3 месяца назад
Thanks Gabi, I will think of you when I buy a couple of Orejas on Monday morning.
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