In this episode, Jeff discusses:How does the home office work and what are the rulesThe importance of using the home office deductionHome office audit issuesS-corporations or partnership home office deductionsKey Takeaways:Two requirements must be met by your home office in order for it to be your primary place of business: you use it exclusively for administrative or management activities of your trade or business and you do not operate your trade or business from any other fixed location.You may be able to earn mortgage interest with a home office. For most people, mortgage interest isn't a write-off any longer. The higher standard deductions on your personal tax return have led to 95% of taxpayers using the standard deduction instead of itemizing and claiming mortgage insurance. However, you can now claim it again when you set up a home office. There's no reason for you to be afraid to use the home office on your taxes - having a home office does not increase your chances of being audited.S corporations can reimburse you for the costs of a home office when they set up an accountability plan for employee business expense reimbursement - you complete the home office reimbursement sheets for them, and they reimburse you.“I don't know why any real estate agent wouldn't have a home office. Why would you want to miss out on all those miles? Normally, I have found it comes down to two reasons: either they don't know, or fear." —  Jeff HockettConnect with Jeff:Website: https://www.hocketttax.com/Email: [email protected] Twitter: https://twitter.com/taxgamecoachFacebook:  https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 LinkedIn: www.linkedin.com/in/hocketttaxInstagram:  https://www.instagram.com/hocketttax/

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