Growing Your Business

Calculating Your Home Office Tax Deduction Options

5/10/2015

Taxpayers who operate their small businesses out of their homes are able to choose between a couple of different ways to deduct it as a business expense. The simplified method is a straightforward deduction of $5 per square foot used, with the amount of square footage allowed maxing out at 300. This means that taxpayers who use the simplified, or safe-harbor, method are able to deduct a straight $1,500 off of their taxes each year.

There are a number of things that you should know before taxing advantage of this option, including:

• You can make the choice whether to use the safe harbor method or take an itemized deduction each year depending upon which is most beneficial for you. All you need to do is make sure that you file your original tax return on time and that you are certain about your choice, as once you make the election for a given year, it is irrevocable.

• Once you choose to use the simplified method, you are not able to deduct any depreciation on your home that year. The IRS will consider that there was no depreciation at all.

• Once you choose to use the simplified method, you are not allowed to deduct any additional office expenses. Utilities, office equipment maintenance, insurance and all other applicable expenses are considered to be included in the flat, per-square-foot amount.

• Once you choose to use the simplified method, you are not permitted to deduct interest that you paid on your mortgage, or taxes, as an office expense Those expenses are still able to be listed on Schedule A as a deduction.

• It is important that you deduct no more than your business income as a home office deduction, regardless of whether you are using the safe harbor method or the traditional method. Using the simplified approach, business income is defined as the qualified gross business income earned in the home that year less any business deductions that don't fall under the category of expenses for the home office. There is a difference between this and what you can take using the regular method in that any deduction amount that goes over the gross income limit is lost permanently, where using the traditional method it can be carried over and deducted in the future.

• Carryovers on home office expenses are only permitted using the regular method. Safe-harbor disallows any carryover into future tax years. • In order to take the safe-harbor home office deduction, the taxpayer has to be able to qualify under the same requirements as the traditional method of accounting for home office write-offs.

• If you are an employee of a business that reimburses you in any way for the expenses related to working out of your home, you are not permitted to use the safe-harbor method. Advances, allowances and other expense arrangements with an employer disqualifies a taxpayer from utilizing the safe-harbor method.

• If you are considering using the safe-harbor method for home office deductions, you will need to calculate the square footage of the home that is used for business purposes. In order to do this, it is important that you pay attention to the following rules:

o Do not exceed 300 square feet in any month of the tax year. Some taxpayer calculations are complicated by the fact that they operate or work for multiple businesses, but if that is the case then a figure needs to be allocated for each that does not exceed the maximum allowed.

o If there are months when you are not using the home for business purposes, then the square footage for that month should be calculated as zero.

o If you do not use the home for business purposes for a minimum of fifteen days in a given month, then the square footage for that month should be calculated as zero.

There are many different instances in which a taxpayer may not use their home for business purposes for a full year, and if that is the case then it is important that the calculation be done correctly. If the taxpayer doesn't begin using 400 square feet of their home until the end of July of a given year but continues utilizing it for the balance of the year, then the calculation would be made by multiplying five months of use (August through December) by the maximum square footage of 300 square feet for each of those months and then dividing that figure (1500) by 12 months to get an average of 125 square feet per month. That would then be multiplied by $5 per square foot to yield a maximum deduction using the safe-harbor method of $625.

• Those who are running more than one business out of their home are not able to use different accounting methods for different businesses - they must select either the traditional method or the safe-harbor method for that tax year, and are limited to allocating their use to 300 square feet, even if different areas of the home are used.

• Those who use their home for multiple uses, such as operating a qualified business out of the house and also renting out apartments for purpose of 280A(c)(3) are not permitted to use the simplified method of calculating their deduction.

• If a home is being shared by multiple families or roommates and more than one are operating a business, then each is able to make use of the safe-harbor method as long as they are not each counting the same room as the location of their qualified business. Even spouses can each claim a different part of the home for business purposes.

Taxpayers who use their home for conducting business have to take many factors into consideration when deciding which accounting method to use for their deduction. Among the details to keep in mind:

• Using the safe-harbor method effectively eliminates the option for taking a basic for depreciation or depreciation recapture.

• Using the safe-harbor method effectively eliminates the possibility of using home interest, taxes and other expenses to expand the income limitation. Safe harbor does not consider these business-use-area expenses or taxes and interest.

If you are not certain as to which method will provide you with the greatest benefit, call the Santa Cruz accounting experts at Coast Financial to make an appointment for a consultation. You can reach us at (831) 462-0330.

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Bob Mason

Bob Mason is the founder of Coast Financial Services Inc. servicing both the Santa Cruz, and San Jose areas. Bob Mason is a skilled financial professional who is fully equipped to assist any of your accounting needs. Founding his firm in Santa Cruz, Bob understands the importance of small businesses and how they form the backbone of the area. Coast Financial Services, Inc. has been dedicated to the growth and profitability of businesses in Santa Cruz for 17 years. To learn more about Bob Mason and the rest of his team, visit their website.

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TaxBuzz AI is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz AI should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz AI, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz AI. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the AI-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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