Home Office Deduction Tips

        For Taxpayers who use part of their home as an office for their business, certain expenses may be deductible. This is available to those who own as well as rent their home. The deductions can include mortgage interest, insurance, utilities, maintenance, and rent. There are, however, specific requirements that must be met.

          A home can be any structure used on a property, as long as it is not a hotel or motel. There must be a dedicated part of this home where business is conducted. That home must be the place where most business is handled. This can include administrative or management functions of the business. In this way, if business is done outside the home, the Home Office Deduction can still be claimed. There are different methods that can be used to calculate the Home Office Expense Deduction. Speak with your Qualified Tax Professional to determine how this deduction applies to you and your business.

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