Tax Planning for Next Year?
Your monthly coworking space is an easy tax-deductible office expense.
The biggest roadblock to the home office deduction is that your office must be used regularly and exclusively for your business and must be your principal place of business. Thus, coworking is a great alternative to make your dollars work for you.
As mentioned on the Freelancers Union Blog website:
"The IRS is (rightfully) pretty strict about home office write-offs. A monthly coworking space is an easy, 100% tax-deductible way to claim an office without doing the math on how much those 3 square feet of your apartment that you work in is worth." - Freelancers Union Blog
At The Austin Space, we provide a membership portal for our members to download their invoices. Come tax season time, our members could easily deduct their coworking expenses from their tax return.