Home Office Deduction

blog details pic 09
Oct, 2017
by admin

Home Office Deduction

Do you feel comfortable working from home?

Do you know that may be able to deduct expenses for the business use of your home?

If you qualify for the deduction you may use the following tips to claim your deduction.

Here are some tips for home office deduction

  • Regular and Exclusive Use: You must use a part of your home regularly and exclusively for business purposes. For example, if you use an extra room to run your business, you can take a home office deduction for that extra room.
  • Principal place of your business: You must show that you use part of your home exclusively for conducting business. If you conduct business at a location outside of your home, but also use your home substantially and regularly to conduct business, you may qualify for a home office deduction.
  • Supporting your claims: If you are planning to claim a home office deduction, make sure that you have all supporting documents to back up the claim. The IRS has encountered a lot of fraudulent home office claims over the years, so they take qualifying factors seriously.

If you qualify for home office deduction, we suggest you plan accordingly. As this would save you a decent amount money.



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