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There are multiple ways to write off your home office on your taxes. In this video, Entrepreneur Network partner Mark J. Kohler explains why you shouldn’t be afraid of the home office deduction.
There’s no reason to fear this writeoff if you’re complying with two simple rules, Kohler explains. Once you’ve evaluated whether your home office qualifies, then you can decide what type of writeoff method to use: the traditional method and the simplified method. From there, meet with your accountant to go over everything.
Click play to learn what the requirements are and the various options you have — including a new rule that’s evolved in the past couple of years.
Related: How Becoming an S Corporation Can Save You Money at Tax Time
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