Lawron Ballard, CPA

It’s Day 6 of 75 and we’re talking about the home office deduction. If you use a specific area of your home regularly and exclusively for business, you can deduct a portion of your rent, mortgage interest, utilities, and insurance. The IRS offers two options: the simplified method ($5 per square foot, up to 300 sq. ft.) or the actual expense method (based on your home’s business-use percentage).
Remember this when you file your taxes next year.

It’s Day 5 of the 75 Tax Free Challenge and we’re chatting about the short term rental strategy. This is perfect for those of you who want to step your toe in the real estate game without leaving your 9to 5. Even better it can have major tax benefit. I’m a CPA and I approve this message