Deduct Home Office Expenses
If You're Eligible...
it's becoming more common to work from home. But just because
you have a home office space doesn't mean you can deduct
expenses associated with it.
If you're an employee, your use of your home office must be
for your employer's convenience, not just your own. If you're
self-employed, generally your home office must be your
principal place of business, though there are exceptions.
Whether you're an employee or self-employed, the space must be
used regularly (not just occasionally) and exclusively for
business purposes. If, for example, your home office is also a
guest bedroom or your children do their homework there, you
can't deduct the expenses associated with that space.
If you are eligible, the home office deduction can be a
valuable tax break. You may be able to deduct a portion of
your mortgage interest, property taxes, insurance, utilities
and certain other expenses, as well as the depreciation
allocable to the office space.
Or you can take the simpler "safe harbor" deduction in lieu of
calculating, allocating and substantiating actual expenses.
The safe harbor deduction is capped at $1,500 per year, based
on $5 per square foot up to a maximum of 300 square feet.
For employees, home office expenses are a miscellaneous
itemized deduction. This means you'll enjoy a tax benefit only
if these expenses plus your other miscellaneous itemized
expenses exceed 2% of your adjusted gross income (AGI).
If, however, you're self-employed, you can deduct eligible
home office expenses against your self-employment income.
Finally, be aware that we've covered only a few of the rules
and limits here. If you think you may be eligible for the home
office deduction, contact us for more information. Call us at
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Would You Give Me Your
Feedback & Testimonial
on Our Hotline?
Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
number that I would like for you to call and tell me how you
think we are doing as your CPA firm.
Just dial 800-609-9006
extension 3638 and follow the instructions. If we’ve
done a good job please let me know. And if we can
improve on anything, please mention that too.
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or on our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,