|
Q.Why you should take a legitimate Home Office Deduction?
A.Many people are hesitant to take a legitimate home office tax deduction because an accountant, or something somewhere, told them it would raise a “red flag.” Times have changed and many people are working out of their homes. So long as you use your home office exclusively for business on a regular basis, you should take the home office deduction.
The home office deduction includes not only the room(s) exclusively used for your business (the room housing your desk, computer, and office equipment), but also any closet space used exclusively to house business supplies, records, etc…
Once you have determined what percentage of your home is exclusively used for business, you can deduct the expenses necessary to maintain that portion of the business space, such as interest, rent, taxes, insurance, utilities, repairs and maintenance, etc...
IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this web site is not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed on a taxpayer under the U.S. Internal Revenue Service.
|
|
