Did you know that 92% of business owners pay more tax than they’re legally required to? I’mRobert Gauvreau, founder and CEO of Gauvreau | Accounting, Tax, Law & Advisory, and I’mhere to help you avoid that!From Nov 6 - 12, I’ll be answering your questions and sharing key strategies like optimizingyour business structure, maximizing deductions, and more.Let’s take control of your financial future together—drop your questions below!If you missed my session at Jobber Blueprint: Live, "Time to Save $—the Ultimate HomeService Tax Plan," check out upcoming events here: jobber.com/events.

Hi Robert, you had mentioned that leaving money in the business vs paying out bonuses at the end of the year could be a good tax strategy. Could I ask if that money could just be left in a high yield savings account or do we need to "show" that it was reinvested into the business? Not sure if my question is clear?

Home office expense question: I have been under the impression that I can't use home office as a deduction (even though I do a lot of work at home) because I don't have a "dedicated office" space that is only used for business. Is this true? Also, I often also use a coffee shop as a work space, but I haven't been deducting my expenses there. Should I be? Would it be 50% deductible?

Looking forward to this session!

Great presentation. Looking forward to the discovery call with one or your people.

Hi Robert! Thanks so much for the info session - really enjoyed it. I have a question about claiming home office expenses. If I am on a well, would things like replacing the pressure tank or buying replacement filters count against my taxes in the same way that a portion of a city water bill would? We don't pay for water as you typically would but we do pay in other ways and had to replace some equipment for the well system recently. Thanks!

🌟Ask An Expert: Time to Save $—The Ultimate Home Service Tax Plan with Robert Gauvreau🌟

Mikeinbusiness
Contributor 2
11 days ago
Yes good stuff
CleanNClear
Contributor 2
15 days ago
Hi Robert, my two children are interested in trying their hand at helping me with my cleaning biz. How does paying my kids as employees help maximize my business deductions?
- Robert_Gauvreau
  Contributor 3
  15 days ago
  Hey CleanNClear. Paying your kids is a full business deduction. Depending on the income your children are earning, they may or may not have to pay tax on that income. For example, if they are earning income of less than $15,000 annually, they will pay no tax on that income. You will get a deduction, saving you tax, and they will claim the income, which won't pay them tax. You will most likely have a tax benefit as long as the income each child is reporting is less than yours.
julie
Jobber Community Team
15 days ago
Got another question for ya!

What can I claim on my taxes as home office expenses?

I don't have a separate room for an office so I use a space in my living room when working at home. Would this also make a difference?
- Robert_Gauvreau
  Contributor 3
  15 days ago
  Hey Julie. In essence, any non-capital expenses related to your home can be pooled together, and a portion of those pooled expenses can be deducted as a home office expense. For example, if your house was 2,000 square feet and your home office was 200 square feet, you could claim 10% of the total pooled home expenses. Examples of eligible expenses are: mortgage interest, property taxes, rent, utilities, repairs and maintenance, insurance, etc.
AberDawn
Contributor 2
17 days ago
Hello- I've always filed taxes as a sole proprietor. If I obtain an LLC, will I need to file personal and business taxes separately, or can I still file as an individual under my social?
- Robert_Gauvreau
  Contributor 3
  15 days ago
  Hey AberDawn. If you obtain an LLC, you will have to fill out a separate filing related to the LLC, but all of the income will flow through to your personal as it always has.
julie
Jobber Community Team
17 days ago
Hey Robert! I do some work under my name, and I have an incorporated business (limited liability) in Canada.

Is it advisable to register my name as a sole proprietor under my LLC to maximize my tax deductibility? Thanks!
- Robert_Gauvreau
  Contributor 3
  15 days ago
  Hey Julie. Is there any reason why you wouldn't bill everything from your incorporated business? Since you have it, I would suggest you do all of your work out of the incorporated business and bill from there (since it is already in place). Tax rate in the incorporated business will be around 12% and provide you with an added layer of protection. LLC's are only US based, so nothing to do there. The incorporation should be used for everything and maximize your deductions in there.
  - julie
    Jobber Community Team
    15 days ago
    Thank you for clarifying! From the sound of it, it would be best to stick to billing everything through my incorporated business. I appreciate your advice!
Jamierunco77
Contributor 2
17 days ago
Hi there I have a question what kind of threshold should one have in order to become a Scorp we just recently bought a house and my husband still works a full time job filing together is also something I'd like to know I pay all the taxes he does not how do you know what the other person owes? I guess that's several questions in one. Thank you for your time looking forward to some jobber swag
- Robert_Gauvreau
  Contributor 3
  15 days ago
  Hey Jamierunco77. It really comes down to how much your taxable income is and what joint filing credits you have. If you find that your taxable income is getting upwards of $100k, it is likely beneficial to look at a different structure, likely an Scorp or an LLC. Happy to support if you want to reach out.
WestonD
Contributor 2
17 days ago
If my accountant filed me as an llc last year (2023) could I go and retroactively file as an S corp? My tax burden was super high compared to my take home because there was no pass through and I was taxed on everything.
- Robert_Gauvreau
  Contributor 3
  15 days ago
  Hey WestonD. Unfortunately you can't go back and make a retroactive election. You can only make the election on a go forward basis. Happy to work with you to ensure you are set up properly prior to the end of 2024 so you don't get overtaxed again in 2024.
JeffCJ
Contributor 2
18 days ago
Home office expense question: I have been under the impression that I can't use home office as a deduction (even though I do a lot of work at home) because I don't have a "dedicated office" space that is only used for business. Is this true? Also, I often also use a coffee shop as a work space, but I haven't been deducting my expenses there. Should I be? Would it be 50% deductible?
- Robert_Gauvreau
  Contributor 3
  15 days ago
  Hey JeffCJ. There is always a way! Where are you located?
JeffCJ
Contributor 2
18 days ago
Hello! Is this the place for followup from the event this morning? The link given didn't work
- Robert_Gauvreau
  Contributor 3
  18 days ago
  Hey Jeff, yes this is the place to ask me any questions you have following the presentation, happy to help!
- julie
  Jobber Community Team
  18 days ago
  Hey JeffCJ! You're in the right place!
samalamasue
Contributor 2
18 days ago
Hi Robert! Thanks so much for the info session - really enjoyed it. I have a question about claiming home office expenses. If I am on a well, would things like replacing the pressure tank or buying replacement filters count against my taxes in the same way that a portion of a city water bill would? We don't pay for water as you typically would but we do pay in other ways and had to replace some equipment for the well system recently. Thanks!
- Robert_Gauvreau
  Contributor 3
  15 days ago
  Hey samalamasue. You are correct, these 'maintenance costs' could be included in the home office claim. In essence, any non-capital expenses can be pooled together, and a portion of those pooled expenses can be deducted as a home office expense. For example, if your house was 2,000 square feet and your home office was 200 square feet, you could claim 10% of the total pooled home expenses.