6 Things the IRS Wants You to Know About the Home Office Deduction:
Mr. CPA, I want to deduct the cost of my office at home. Actually I work throughout the entire house so I feel I should be able to deduct all my home expenses. Can I do that? To answer your question take a look at this list released by the IRS:
Work From Home? Consider the Home Office Deduction
So do you use your entire home exclusively as your office? Then no you do not get to deduct all of your home expenses. However, if you use your office exclusively and regularly and meet the other requirements listed above you may be able to deduct the portion of your home expenses that apply to your office. The deduction is calculated using the square footage of your office relative to the total for your home. Also, if you are trying to deduct Home Office Expenses for your business your deduction may be limited if your business shows a loss. For more information on a Home Office Deduction see IRS publication 587.
To have an experienced CPA help you prepare your tax returns and help you reach your goals contact me at the phone number below.
Jeff Haywood, CPA
I prepare the following types of tax returns:
Federal and State Returns
Also, I am available for tax planning and discussions about business, retirement planning and life goals.
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As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.
This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.