Are You Working At Home? Get A Tax Break
Daily Breeze:
Question:
What does it take to qualify for tax purposes as a home office? – M.M., Long Beach
Answer:
It is necessary to utilize a portion of your home “regularly and exclusively” as your primary business space, or “a place to meet or deal with your patients, clients or customers.” If you satisfy that threshold, you may be able to deduct at least a portion of various household expenses. In order to determine the “business percentage” of your expenses, divide the square footage of the room you are using for your business, by the total square footage of your house.
To find out more, you can go to the Web site of the IRS (www.irs.gov). In the top right search box, type “home office deduction.” The first item that appears is a good summary. The summary ultimately refers you to Publication 587 which goes into much greater detail on a home office deduction. Of course, consultation with a qualified tax expert is advisable.
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