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Newsletter |
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The Home
Office Deduction: Know the Do's and Don'ts
The rules regarding the home office deduction have changed a lot over
the years.
The tax law allows consultants, salespeople and other self-employed
workers to deduct home office expenses. So can you deduct home office
expenses, if you do your administrative or management work at home and
have no other office, even though you provide services or see customers
away from the home office? As usual, the answer is, "it depends."
The deduction is permitted if you:
1 - use a portion of your dwelling exclusively as your principal place
of business on a regular basis;
2 – use a portion of your dwelling exclusively as a place of business to
meet with patients, clients, or customers;
3 – use a separate structure – not attached to the dwelling –
exclusively in connection with your trade or business; or
4 – engage in the trade or business of selling products and regularly
use a portion of your dwelling to store products or samples.
The deduction is claimed by including a Form 8829 in your Individual
Income Tax Return.
We can explain the details of these rules. We know what documentation
you need and how to prepare the Form 8829 to claim this important tax
benefit. Just give us a call. |
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