Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: Knoxymama Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Quick Question - Home Office Date: 12/22/2005 5:22 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Hello there,

I have a quick question regarding home office expenses.

Usually, my personal CPA writes off my home office expenses. I have a corporation and the taxes for this corporation are done separately by our corporate CPA.

We were told this year that we should be "renting" our home offices to the corporation. This could include expenses for renting the office, a portion of my utilities costs, etc. If I do this, I obviously won't have the home office write off.

I was wondering which would be a better option? Renting the home office back to the corporation, or using the home office deduction on my taxes? My gut is that cash in hand is usually king... but I'm not the sharpest tool in the tax shed (which is why I frequent Fool.com!).

Any help would be appreciated. ;)

Thank you and happy holidays!
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement