mark kanakarisOct 28, 2026
Home Office Deductions Explained 📊
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Home Office Deductions Explained 📊
mark kanakaris
Learn about home office deductions for self-employed individuals and freelancers, including who qualifies and the difference between the simplified and regular methods.
Home Office Deductions Explained 📊
mark kanakaris
Learn about home office deductions for self-employed individuals and freelancers, including who qualifies and the difference between the simplified and regular methods.
Chapters
00:00
Introduction
Introduction to home office deductions on Tax Tip Tuesday
00:11
Who Qualifies
00:51
Deduction Methods
01:20
Conclusion
Transcript
00:00
Hey everybody, welcome back to Tax Tip Tuesday.
00:04
We're talking about home office deductions, something that a lot of people like to use.
00:09
So let's talk about some things here.
00:11
What is it?
00:11
Well, the IRS allows self-employed individuals, freelancers, independent contractors, people like the obvious there, right?
00:20
Even real estate agents to deduct home office expenses.
00:23
Is if they use a specific part of their room exclusively and regularly for part of their business.
00:30
Really, the bulk of what they do is done in that home office.
00:34
So really, who qualifies becomes the question.
00:37
W-2s, you people do not get to do this unless, unless your company has you work remote because they do not have an office for you to work in.
00:49
More to come on this as well.
00:51
Anyway, there's two methods for deductions: simplified and the regular method.
00:55
The simplified is easy.
00:57
They give you so many dollars per square feet and you multiply that by the square footage of the room and that is your deduction, maximum of about $1,500.
01:07
Then there is the regular method and you get to deduct direct or indirect expenses.
01:13
Good thing is you get to write off more.
01:15
Bad news is I think it opens you up for- audits.
01:20
Anyway, that's your Tax Tip Tuesday.
01:21
I will have part 2 of this next week.
01:24
If you have any questions, here is my contact information.
01:28
I promise to fix this.
01:29
My email is not info@cherokeetaxgroup.com, but it's mark.tay@cherokeetaxgroup.com.
01:34
But hey, we'll go get that fixed for next week, and you guys have a great one.
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