Years ago i was licensed. and i was speaking to a colleague.
And then the topic of HOMO came up.
I had already been warned about HOMO stuff.
"Watch the HOMO stuff!!!" a law expert explained to me.
The expert explained "IRS agents go after HOMO expense more than anything else!!"
and that's true. IRS agents to look very closely for anyone with HOMO stuff on their tax return.
HOMO is HOme Office Expense. HOme O.
for example, if your 18 yo son had a lemonaide stand for a short while. and then you went and deducted 90% of your rent, utilities and such as business expenses. 90% of your home was used exclusively for business activity.
Did you not have family members residing in that building?
:) Thats what we call PERSONAL expense and not BUSINESS expense, nor home office expense.
:)
so those are some of my thoughts for the evening.
i hope that eveyone else is doing well
