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02-06-2001, 07:30 PM
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LawnSite Member
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Join Date: May 2000
Location: New Smyrna Beach, FL
Posts: 156
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A friend of mine who just completed her taxes courses to be a Tax Preparer (NOT accountant, just preparer) told me that since I incorporated this year that I cannot take my home office/garage deduction. I have heard this about C Corps but is this true under S Corp as well?
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GrassRoots Lawn Care, Florida
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02-06-2001, 07:40 PM
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LawnSite Silver Member
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Join Date: Jan 2001
Location: 93-04 (Zone5b) 05-now (Zone9a)
Posts: 2,660
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Unfortunately I have heard similar rumors as well.
Kris
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02-06-2001, 10:51 PM
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LawnSite Member
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Join Date: May 2000
Location: New Smyrna Beach, FL
Posts: 156
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Guess not many in here have their business' structured as a S Corp.
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GrassRoots Lawn Care, Florida
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02-06-2001, 10:57 PM
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LawnSite Bronze Member
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Join Date: Feb 2000
Location: San Antonio, TX
Posts: 1,407
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This is being discussed somewhat in The Elements of Business Forum ...I think under "unique deductions" you might get your answer there.
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<i>Alan</i>
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02-06-2001, 11:07 PM
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LawnSite Bronze Member
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Join Date: Jan 2000
Location: Richmond, Virginia
Posts: 1,112
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From what my CPA told me you can. I am an S-corp and decided not to take the deduction since we are going to move in the next couple of years and you have to pay taxes on the capital gain on the home. Man the IRS makes this all so difficult. How about this A FLAT TAX.
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02-06-2001, 11:12 PM
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LawnSite Member
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Join Date: May 2000
Location: New Smyrna Beach, FL
Posts: 156
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Just got off the phone with my CPA. A corporation C or S CANNOT take home office/garage deduction. You can rent the space out to the corporation but then you have to declare the income as rental income on Schedule E. IRS really makes this stuff tough.
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GrassRoots Lawn Care, Florida
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02-07-2001, 05:43 AM
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LawnSite Senior Member
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Join Date: Sep 2000
Location: West Lafayette, Indiana
Posts: 663
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One reason I am not incorporated.
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Scott
Skookum Yardworks
West Lafayette, Indiana
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02-07-2001, 09:15 AM
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LawnSite Silver Member
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Join Date: Jan 2001
Location: 93-04 (Zone5b) 05-now (Zone9a)
Posts: 2,660
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DBA ,,,
All the way.
Kris
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