Who Form 8815 Deductions 2022-2023

Hi everybody, I'm attorney Aiden Kramer with the law office of Aiden H Kramer in Colorado. As I hope you know, you are watching All Up in Your Business. So, from my last few episodes, you'll know that we are talking tax, tax, tax. You guys have a lot of tax questions, and I don't like answering tax questions. So, my friends Joseph Lutz and Natalie Let's power here to answer some of those questions that you guys ask me. I know that you guys have a lot of questions about having a home office. I started my business out of my home, and so as a small business, I know that that's usually where it starts. Because you have probably limited capital and limited resources, so it's usually easier to start working from your home. And there are a lot of tax implications that come from that. So, Joe and Natalie, why aren't you guys to jump into it and let us know about working from your home? I'm Joe, let your small business CPA where a premium small business package does make a difference in talking about office from the home expenses. Natalie, how do I qualify for an office in the home? So basically, if you work out of your house, it needs to be your principal place of business. You need to have an exclusive space, and it needs to be on a regular basis. Okay, let's say I have a business and I have a storefront. So, I really have a storefront and an office in the home. Can I deduct those? Yeah, you can deduct both, as long as you do administrative and management tasks out of your home in that exclusive space. And we say an exclusive space, that doesn't have to be a whole room. It can be...