Yay, tax season! (Said no normal human being ever). If you're anything like the 56% of American adults who say that tax filing season is among the most anxiety ridden times of the year, you've probably spent a fair bit of time these last days trying to find those last six receipts that you know you saved right there... or was it there?... or crap, I have no actually have no freaking idea. Do you think X vendor will issue me a new one? Like NOW??
And when you're done crawling around behind the dusty file cabinet in a futile attempt to find that one rogue, yet essential, receipt, you can start working on that revered home office deduction. All you have to do is measure the size of your office, calculate what percentage your office takes out of your whole home, do a little voodoo, and deduct that percentage from your indirect household expenses. Not into measuring tapes? Just deduct by room. Or by square foot and the magical the $5 flat rate...
Wait. What's that, you say? You don't actually have a physical home office, but more of an 'hour on the couch, 3 hours at the dining table, 4 hours at the kitchen counter' type of home office? Yeah, sorry. You're screwed. No IRS home office deduction for you (unless you happen to have a really smart tax advisor, perhaps?)
That's why we'd like to blow your mind for just a minute: your coworking membership at a place like Vibe Coworks can put an end to all of that tax prep trauma.
Using a coworking space for business means you finally have a clean way of claiming Tax deductions on your office expenses.
The statements, receipts or invoices that you get from us here at Vibe provide a clear record of expense and, because it is separate from any use of space for personal reasons (like a room at home might be), there is a clean delineation of the business expense. No more hair-brained measuring and calculating of rooms, square feet and percentages of your humble abode, and no more wondering whether your home office claim might trigger your return for an audit. Unless you like that sort of thing. Then by all means, go for it.
For the rest of us, your coworking expenses are the secret weapon to achieving the tidy tax records and deductions you've been dreaming of. But don't take our word for it. Talk to your personal tax advisor; we'll provide the receipts.
Happy tax day!