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You can’t just form an LLC and start writing off your home furnishings as a “business expense” because you make $5 a month from a browser extension that some pe
by andrewmcwatters 5y ago
You can’t just form an LLC and start writing off your home furnishings as a “business expense” because you make $5 a month from a browser extension that some people donate to your Paypal account.
That’s tax fraud. That’s literally what that is. It’s incredible that anyone would think otherwise.
- Swizec 5y agoYes it’s generally frowned upon to have more business expenses than revenue for multiple years in a row. But claiming your home office (a part of your home explicitly used for work) as a business expense is definitely not tax fraud. You can’t claim your kitchen tho.
- plorkyeran 5y agoClaiming a home office which you do not use exclusively for business purposes as a business expense is tax fraud. If you have a fake "business" which you spend an hour a month on then this is only useful if you have an extra room in your house that you're fine with effectively just boarding up.
- andrewmcwatters 5y agoYeah, the IRS makes it pretty clear what the "Business Use of Home" is, and it's not your bedroom.