1099 CRNA Institute: Thrive as your own boss-The Augusta Rule/Section 280A

Video Transcription

Video Summary

The Augusta rule allows business owners to rent their personal residences to their businesses for up to 14 days without declaring it as income. The rental must be temporary, exclusively for business use, and have a fair rental value established. Keeping accurate documentation and following guidelines is crucial. Events like board meetings, retreats, and mastermind groups can qualify, while entertainment purposes do not. This deduction is beneficial for S corporations, requires issuing a 1099-MISC, and documenting transactions. CRNAs interested should consult with a tax professional to assess eligibility and ensure compliance.

Keywords

Augusta rule

renting personal residences

tax deductions

business meetings

IRS regulations

rental deduction

business use

1099-MISC

tax compliance