Facts About the Home Office Deduction
If you operate a business out of your home, you may be able to take the home office deduction for the 2009 tax year. To help determine whether or not you qualify to take this deduction, there are important tips you should know.
Your home office must be used exclusively and regularly as your principal place of business, a place to meet with clients, patients or customers. However, if your home office is in your garage, for example, it must be used in connection with your trade or business to be eligible.
How much you can deduct is dependent upon the percentage of your home that you use for your business. Your deduction for certain expenses will be limited if your gross income from your business is less than your total business expenses.
Other rules apply for home daycares and persons storing business inventory or product samples. In addition, different rules apply altogether if you are an employee using a home office and trying to claim the deduction.
Your home office must be used exclusively and regularly as your principal place of business, a place to meet with clients, patients or customers. However, if your home office is in your garage, for example, it must be used in connection with your trade or business to be eligible.
How much you can deduct is dependent upon the percentage of your home that you use for your business. Your deduction for certain expenses will be limited if your gross income from your business is less than your total business expenses.
Other rules apply for home daycares and persons storing business inventory or product samples. In addition, different rules apply altogether if you are an employee using a home office and trying to claim the deduction.
posted by Valley Oak Financial at
1:54 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home