Which Form 1120 C Deductible 2023-2024

Hey guys welcome to Modi CPA today home of the CPA videos we'll be discussing how to deduct your home office expenses regardless if you're a sole proprietorship LLC partnership S or C corporation so the IRS lists are two basic requirements for us to take advantage of this deduction first is that there is a part of your home that is exclusively used for conducting your business for example let us say you have a gastro library room to conduct your trade and that space is specifically used for your business reason and not use for personal reasons at all next that part of your home is principal place for your business which means you can have an outside office of your home but your home office is the main place where you're conducting your business activities such as meeting clients taking phone calls during your work etc so now let's dive into how you actually can take these deductions if you have a sole proprietorship or a single member LLC you'll be filing this form called a Schedule C under 1040 and that's where you're gonna show your income and expenses so for Schedule C fowlers there are two options available first is the regular method under the regular method let's say you have 300 square footage of your home out of 3000 square footage of your home that is strictly used for business purposes so that means you have about 10% of your home that you can take deductions for home office use which means you can take 10% off of your mortgage interest insurance utilities repairs and depreciation all those items are deductible at 10 percent you would show these expenses on IRS Form 88 29 and the expenses of both flow into Schedule C the...