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Home Offices and taxes - Trub Lou - 05-06-2020
Didn't really occur to me before, but I've never bothered to try and claim a deduction for the amount of work I do from home, which was traditionally on evenings, weekends, time spent waiting for deliveries, etc. Now that I'll be spending a significant portion of the year working out of my house, I wonder what I should be thinking about. I do all of my work on this i7 machine that cost me a bit of cash a few years back, as I intended it to be the media server and heart of the household IT flow. I have an area of the basement where I'm set up for desk work and lab work, and purchased a new soldering iron and DC supply among some other odds and ends so that I didn't have to actually go in to the lab at my office. I guess on the occasions when I do drive down in the middle of the day, mileage should be deductible too.
Any of you guys actually tracking this stuff who weren't before?
RE: Home Offices and taxes - Stank Delicious - 05-06-2020
Can't jackboot from home. Got nothing. Sorry.
RE: Home Offices and taxes - snowman - 05-06-2020
My CPA always told us that unless you never use the space for anything else, don't bother trying for it. Too much chance of an audit
RE: Home Offices and taxes - Trub Lou - 05-06-2020
That was always where i kind of stood on it, because I figured that, at worst, I was leaving a couple hundred bucks on the table. Maybe that ends up not changing much here, but just something I started thinking about.
Also, I need a freaking door.
RE: Home Offices and taxes - Trub Lou - 05-06-2020
(05-06-2020, 05:42 PM)Stank Delicious Wrote: Can't jackboot from home. Got nothing. Sorry.
Have you even tried?
RE: Home Offices and taxes - Vagus - 05-07-2020
(05-06-2020, 05:28 PM)Trub Lou Wrote: Didn't really occur to me before, but I've never bothered to try and claim a deduction for the amount of work I do from home, which was traditionally on evenings, weekends, time spent waiting for deliveries, etc. Now that I'll be spending a significant portion of the year working out of my house, I wonder what I should be thinking about. I do all of my work on this i7 machine that cost me a bit of cash a few years back, as I intended it to be the media server and heart of the household IT flow. I have an area of the basement where I'm set up for desk work and lab work, and purchased a new soldering iron and DC supply among some other odds and ends so that I didn't have to actually go in to the lab at my office. I guess on the occasions when I do drive down in the middle of the day, mileage should be deductible too.Its not too bad. I have a dedicated home office. You can also put a percentage of use on your computer. For me, it's like 50% work, 50% other work. 5% video games. 110% math.
Any of you guys actually tracking this stuff who weren't before?
But, right, you deduct maybe a hundred dollars or so. Never been audited, but my risk is not zero.
RE: Home Offices and taxes - Mexas Joe - 05-07-2020
Nothing constructive to add Lou, other than pay yer taxes, deadbeat.
To errybody else, sorry for the lack of posting but I'm currently getting muh ass kicked at Mexas, Inc. Feck, it's busy and taking all muh time.
RE: Home Offices and taxes - Trub Lou - 05-07-2020
Yeah yeah yeah... Pay taxes to cover the bailouts we're giving to all these GimmeDat small businesses...
RE: Home Offices and taxes - Stank Delicious - 05-07-2020
(05-06-2020, 08:00 PM)Trub Lou Wrote:(05-06-2020, 05:42 PM)Stank Delicious Wrote: Can't jackboot from home. Got nothing. Sorry.
Have you even tried?
Oh yes.
RE: Home Offices and taxes - TonyB - 05-07-2020
I thought about this at one point, kinda thinkin it wouldn't be worth the effort