Can An S Corporation Shareholder Take A Home Office Deduction
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If you are an employee of your own one-man corporation, whether a regular "C" corporation or a "sub-chapter S" corporation, you have several choices for handling the costs of a qualifying home office: You can deduct the costs of a home office if you are filing a Schedule C. Under the Tax Cuts and Jobs Act (TCJA), employees working remotely can no longer deduct home office expenses on their tax returns …
Nov 22, 2018 · Rather than not being able to claim an office-in-the-home deduction, an S Corporation shareholder-employee could have the corporation reimburse the expenses properly allocable to the business use of the home. Reimbursement of business expenses is provided for under Internal Revenue Code Section 132. Pursuant to regulations applicable to Section 132, out-of-pocket business …
Jul 05, 2017 · Here are the steps you need to take to deduct your home office as an S-Corp. You must complete an accountable plan. This plan will outline which expenses will be eligible for reimbursement, and how they will be paid. You may download a sample accountable plan below.5/5(108)
Oct 01, 2017 · Can you still get a deduction for your home office if you are an S corporation shareholder? The answer is yes. There are two options. Either you rent a portion of your home to the S corporation as office or storage space, or the S corporation reimburses you for the home office use under an accountable plan.
Sep 03, 2018 · Normally, you can’t cleanly take a home office deduction on an S corporation tax return. Unlike the situation with a sole proprietorship and that 8829 form mentioned a moment ago, no tax form exists for throwing a home office deduction onto an S corporation tax return.
Jul 09, 2020 · As an owner of the S-Corp, if you work for the S-Corp, the S-Corp has to pay a normal salary and you are an employee of your S-Corp. As an employee, you cannot deduct home office expenses as they are job-related. The best arrangement is for the S-Corp to reimburse you the cost of your home office under an accountable expense plan.
Mar 11, 2021 · The solution is to set up an accountable plan under Treas. Reg. §1.62-2 (d) (1) through which your S corporation can reimburse you for all of your home office expenses. You submit a report to your S corp that contains the home office expenses you incurred as an employee of your S corporation (including depreciation deductions).
Jun 06, 2019 · June 6, 2019 8:44 AM If Schedule K-1 came from Form 1120S, S corporation shareholders generally cannot deduct unreimbursed business expenses with Schedule K-1 because the shareholders are categorized as employees when performing services for the corporation (and a corporate officer may be considered a statutory employee).
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