Tax Q&A: Can I Deduct My Dog, Claim My Kitchen as a Home Office, and Ignore Venmo Income?
About this episode
In this Q&A episode, Mike answers questions about tax deductions for small business owners, including the deductibility of pets and home office claims.
Can you deduct your dog, pay your child tax-free, or claim the kitchen table as a home office? Tax rules for small business owners aren’t always straightforward. Wrong assumption could lead to missed deductions or problems with the IRS. In this Q&A episode, Mike answersyour questions. He explains which expenses may qualify when a dog is used for marketing, how hiring children differs between an S corporation and a sole proprietorship, and what happens when a child turns 18. He also covers...
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