I’m a fairly new business owner trying to figure out what I can write off and what I can’t. Specifically my mortgage, electric and stuff like that. The business is under my home address but my husband does all the labor in the field. I’ve gotten mixed opinions on paying the mortgage from the business account for tax purposes. What does everyone else do? Tia! I don’t want to do something I’ll regret later.
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It does sound like you can take a deduction for a home office if you do this the correct way, but you need to research it more… you need to legitimately set up a home office space and use it as such… you cannot pay your mortgage out of the business account, but can pay some of it, a reasonable amount if you use your home for such purposes