#414 The Home Office Deduction
Main Street Business
Mark J Kohler and Mat Sorensen
2.4 • 584 Ratings
🗓️ 26 January 2023
⏱️ 37 minutes
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| 0:00.0 | Just give me an address so you don't know where the heck I am. And I'm not going to really have mail go there. |
| 0:04.0 | So that's one level. That's one level where you're just like, give me the privacy. I'm getting my |
| 0:07.3 | bank statements online. I'm not using that address on anything else besides the state filing. I'm using my real address on stuff that doesn't get public on the web and such. So, but if you're like, No, I actually want some of my business important mail to go there. |
| 0:18.3 | I'm going to use that address in certain instances. |
| 0:20.0 | Okay, we have a service for that where we scan the mail, get a virtual mailbox and such |
| 0:23.8 | where you can access it and you get peened when new stuff arrives. And there's different levels of that based on how much mail you get. But that's the way you get the privacy and the write-off and still the right-off. And your expense for privacy is a tax deduction. See, because you're setting up your entity for your business with the privacy and the mail and the |
| 0:40.5 | convenience and the ride off at home. |
| 0:42.5 | A hundred percent tax deduct. |
| 0:44.5 | Boom, baby. |
| 0:45.2 | See, so if you know, then you can go. |
| 0:47.5 | Then you can go. |
| 0:48.5 | Yeah, you got to know. |
| 0:49.6 | Yeah. |
| 0:49.9 | I think this is super fun for people to know this as an option. And it can be regrettable because some clients are like, well, when I check the box at LegalZoom, I didn't know any of this. So you may have to do what we call a cleanup. So you'd work with the law firm, KKOS. Christie's got two paralegals that all they do all day long is just clean up entities. So call the office and go |
| 1:11.1 | clean up my entity. Let's change all this. So moving forward, it's tight. Sometimes it's better to just dissolve the entity and start fresh because sometimes there's a paper trail on the web and this and that. So do it. And if you're concerned about the privacy, you can have a consult with one of the attorneys and say, hey, I want to, I want to do kind of a whole review here. I want to look at my |
| 1:29.3 | trifecta, what are my tax strategies I'm implementing, and what privacy could I do better? And it doesn't have to be tens of thousands of dollars, so it can be very affordable. Welcome, everybody, to this week's episode of the Main Street Business Podcast. Yours, Truly Mark Kohler with the amazing Matt Sorensen. Love it. Yeah. I'm here. We're here together. For those that are watching on YouTube, we've got the beautiful, picturesque, teetan mountains behind us from the Jackson Hole side. I've got a good story about that. Yeah, I've been warned there's a story today about skiing at Jackson Hole. |
| 2:01.3 | Yeah, it's death-defying. |
| 2:02.6 | Yeah. |
| 2:02.9 | I'm not kidding. |
| 2:03.9 | So we'll come to that in a minute. |
| 2:05.1 | But our topic today, home office, how do you feel about that? |
| 2:08.7 | I'm feeling homey today, you know, about the home office. |
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