Tax planning can be challenging and finding ways to reduce your taxes can by frustrating. Here are 3 common questions I am asked when it comes to the Home Office Deduction when filing tax returns.
Can I take a Home Office Deduction to reduce the tax I owe?
If you answer YES to any of these questions you can take the deduction.
- Do you use your home office as your central place of business or do you meet clients or customers there?
- Do you use your home office on a regular basis? The key is that you use the office on a constant basis, not necessarily daily.
- Do you use your home office just for work? This means you can’t use it for any other purpose, such as; there’s a bed in the room and over-night guests use the room or you use the room during the day but the family uses the room at night.
What can I deduct using the home office deduction during tax preparation? [Read more…] about 3 Questions about Taking a Home Office Deduction on your Tax Return