No Home Office/Garage Deduction w/ S Corp?

Discussion in 'Business Operations' started by -, Feb 6, 2001.

  1. Guest
    Posts: 0

    I originally posted this to the lawn forum, on second thought this is probably where it belongs.

    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?
  2. Stonehenge

    Stonehenge LawnSite Bronze Member
    from Midwest
    Posts: 1,277

    Check with a CPA.

    We're an S corp, but I'll be honest. I don't recall what happens in the first year. But I haven't been taking more than a standard deduction. The benefit for now isn't worth the huge increase in the chance that I'll be audited.
  3. lawnguy ny

    lawnguy ny LawnSite Member
    Posts: 20

    the way you take a deduction as s corp is by writting a check for rent to yourself. if you are using a room or garage for buz use only .thatis better then any other way. the $ amount is an expense.
  4. cat320

    cat320 LawnSite Senior Member
    Posts: 822

    That sounds about right what lawnguy said.We do it with are office pay your self to rent the space it's more B/S but that what they want.

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