Home Office. No longer a write off!

Discussion in 'Business Operations' started by Charles, Mar 1, 2019.

  1. That Guy Gary

    That Guy Gary LawnSite Silver Member
    Messages: 2,995

    Hey but there are more write offs available now for your personal jet!

    You have a personal jet, right? Don't you see how it all balances out?
     
  2. Oxmow

    Oxmow LawnSite Bronze Member
    Messages: 1,086

    Or our 90,000.00 "Work" truck...:clapping:
     
  3. Mark Stark

    Mark Stark LawnSite Senior Member
    Messages: 697

    The Motley Fool says the home office deduction can still be claimed on your Schedule C.

    Edit: Apparently SOME people will be effected by these but it looks like it depends on how you file your taxes.
     
    Tara Ann and tonygreek like this.
  4. JFGLN

    JFGLN LawnSite Bronze Member
    Messages: 1,527

    More or less this year? Mine is less.
     
  5. JLSLLC

    JLSLLC LawnSite Fanatic
    Messages: 15,845

    Definitely less here
     
    Walker56 likes this.
  6. OP
    OP
    Charles

    Charles Moderator Staff Member
    Messages: 11,807

    Really stinks because we already pay too much in taxes. My garage is full off equipment. No room for anything personal.
    I am just telling you what my accountant said to me about the new Tax laws. I and the rest of the firms clients won't be getting the write off. Still may be ok with the standard deduction. We are supposed to be getting in on the tax cuts. Just have to wait and see. Haven't finished getting mine ready
     
  7. Mark Stark

    Mark Stark LawnSite Senior Member
    Messages: 697

    No question that there are some big losers with the new tax code. Those of us in high tax states have taken another hit.

    They limit the amount of property tax that you can write off now. That nails alot of people in NY, CA, MA, NJ, etc.

    It seems like the only way to really take advantage of the tax code is to be super rich or to have a bazillion kids! Being super rich sounds fun and making a bazillion kids sounds fun. Taking care of all those kids is another story....
     
  8. tonygreek

    tonygreek LawnSite Platinum Member
    Messages: 4,109

    There is some misinformation in here, starting with the original, broad brush, premise. If you are a Schedule C (read: self-employed/sole proprietor), you still get your home office deductions. If you're a Schedule E, you're the one out of luck.

    Charles, I don't know your situation, but if you're a Schedule C, you might want to find a new accountant.
     
  9. OP
    OP
    Charles

    Charles Moderator Staff Member
    Messages: 11,807

    I read it again. The memo says "workers". That is the keyword. Lawnsite comes in handy:clapping:

    https://www.quickanddirtytips.com/m...x-reform-changes-to-the-home-office-deduction
     
    tonygreek and Doc8406 like this.
  10. TPendagast

    TPendagast LawnSite Fanatic
    Male
    Messages: 16,173

    Yea,

    According to the article, you’ve been paying an accountant that can’t read;


    The good news is that if you’re self-employed or run a business from home, tax reform didn’t change your ability to deduct home office expenses against your business income...

    Sooo shop around and find someone who can, I guess
    Unless this article is wrong... which is also possible.
     
    AlohaMowing likes this.

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