How to Avoid Double Dipping For Virtual Office Deductions
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Welcome to TaxNoTuesday!!
At this point, not only the IRS will have an eye on your home office expenses, but also the lender where you applied for your Paycheck Protection Program. Avoid double-dipping by knowing the guidelines. Remember, you are eligible for loan forgiveness if you can present accurate records of your expenses.
There are two types of home office expenses:
1) Direct which are expenses directly affect the only the part of your home used for business. Examples are painting and decorating the office.
2) Indirect are expenses that relate to the entire home, such as, utilities, insurance, and rent. For example, if you use 10% of the total square feet of your residence for your home office you would allocate 10% of the total annual cost of each indirect expense to your home office deduction.
If you are TIRED & OVERWHELMED dealing with your books and taxes, WYCOTAX is here to help!
Free COVID-19 Relief PDF Download: https://www.wycotax.com/
WYCOTAX is an all year round, all-in-one, outsource company for your tax, payroll and bookkeeping needs.
Outsourcing your tax, payroll, bookkeeping and COVID-19 relief to WYCOTAX will give you more time and financial freedom. It helps you to see a clearer picture of your numbers that will guide you to monitor the performance of your business. Moreover, you will find more time to provide value to your clients. The more satisfied clients you have, the more referrals they will generate. Outsource TODAY!
Welcome to TaxNoTuesday!!
At this point, not only the IRS will have an eye on your home office expenses, but also the lender where you applied for your Paycheck Protection Program. Avoid double-dipping by knowing the guidelines. Remember, you are eligible for loan forgiveness if you can present accurate records of your expenses.
There are two types of home office expenses:
1) Direct which are expenses directly affect the only the part of your home used for business. Examples are painting and decorating the office.
2) Indirect are expenses that relate to the entire home, such as, utilities, insurance, and rent. For example, if you use 10% of the total square feet of your residence for your home office you would allocate 10% of the total annual cost of each indirect expense to your home office deduction.
If you are TIRED & OVERWHELMED dealing with your books and taxes, WYCOTAX is here to help!
Free COVID-19 Relief PDF Download: https://www.wycotax.com/
WYCOTAX is an all year round, all-in-one, outsource company for your tax, payroll and bookkeeping needs.
Outsourcing your tax, payroll, bookkeeping and COVID-19 relief to WYCOTAX will give you more time and financial freedom. It helps you to see a clearer picture of your numbers that will guide you to monitor the performance of your business. Moreover, you will find more time to provide value to your clients. The more satisfied clients you have, the more referrals they will generate. Outsource TODAY!
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