Home Office Deduction | Video

In this short video, Sanjiv Gupta CPA discusses the “Home Office Deduction”.

What is considered as Home Office ?

Please consider the IRS definition for Home Office.

Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction.  Here are six things the IRS wants you to know about the Home Office deduction

1. Generally, in order to claim a business deduction for your home, you must use part of your home exclusively and regularly:

  • as your principal place of business, or
  • as a place to meet or deal with patients, clients or customers in the normal course of your business, or
  • in any connection with your trade or business where the business portion of your home is a separate structure not attached to your home.

2. For certain storage use, rental use, or daycare-facility use, you are required to use the property regularly but not exclusively.

3. Generally, the amount you can deduct depends on the percentage of your home used for business. Your deduction for certain expenses will be limited if your gross income from your business is less than your total business expenses.

4. There are special rules for qualified daycare providers and for persons storing business inventory or product samples.

5. If you are self-employed, use Form 8829, Expenses for Business Use of Your Home to figure your home office deduction and report those deductions on line 30 of Form 1040 Schedule C, Profit or Loss From Business.

6. If you are an employee, additional rules apply for claiming the home office deduction. For example, the regular and exclusive business use must be for the convenience of your employer.


FBAR Solutions for Indo American Citizens and Residents

American Indians are curious to learn how FBAR impacts their investment in India and Other countries.   Many Indo American tax payers are still unaware of new US regulations and those who do know about FBAR regulations are still wondering of they are required to file FBAR or not.   In a recent interview online Sanjiv Gupta CPA tries to explain the concerns of Indo American citizens.

You can watch this interview regarding FBAR here to learn more.



Sending Money To India From United States | Video

In this small video, certified public account Sanjiv Gupta explains what factors should be considered while sending money to India. How to send money to India ? What kind of reporting is required ? What forms needs to filed ? Get answer to these basics questions from Sanjiv Gupta CPA.


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