Here’s a tax tip. You can use your own home to rent out for meetings for your business and you don’t have to report it as income if you don’t have more than 15 days each month.
Make sure that the rent price is fair and competitive for your area. Also, keep a lot of receipts. You need to make the deal fair like two separate businesses are going into an agreement with one another. It’s not like you can charge $10,000 to rent your house out to your business and claim the fee. That is too unusual and will alert the government.
I noticed there are particular kinds of small businesses that hold meetings in their homes. Many of these kinds of businesses are the word of mouth businesses. You will see Advocare, Youngevity, Amway, Scented Candles, Passion Parties and more go into someone’s home and hold a sales meeting. It’s hard to say if many people knew about charging the rental fee to use their home or not. But it can work.
There are people who rent out spare bedrooms to tenants as well. I did that when I owned a home for a few years in Rice Lake, WI. You are not limited to renting your home out to only renters, but I wasn’t really aware of being able to rent the house to businesses before.
Correction: There are vacation rental rules where you can rent your house half the month and not claim the income. You don’t have to report all the rent you collect, only for 15 days out of the month.