Home Office Tax Deductions

Home office tax deduction advice is courtesy of Allfreelancework.com. This article will help you discover some new and creative home business marketing techniques and how to take advantage of them.

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HOME OFFICE DEDUCTIONS FOR FREELANCERS

by Rachel Goldstein
owner of Allfreelancework.com - 1000s of freelance jobs

Home office deductions are one of the perks of working from home, however, there are clear drawbacks too. If you meet the IRS guidelines for deducting your home office, you can expect to get a hefty tax break. On the other hand, deducting your home office can increase your chances of getting audited. Additionally, by claiming your home office you can get taxed when selling your home. This article will cover the ins and outs of home office deductions.

IRS GUIDELINES

Is your home office your "principal place of business"? Is your office used "regularly and exclusively" for business? All of the above questions must be answered with a "yes" if you want to meet IRS guidelines for deducting your home office.

"PRINCIPAL PLACE OF BUSINESS"

How do you know if your office can be determined as your principal place of business? Well, do you spend most of your time and make the most of your money from your home office? If you work onsite at a client's office the majority of the time, then you probably aren't eligible. On the other hand, if you perform all of your daily tasks from your home office, you probably are eligible. However, if you are offsite a majority of the day, but come home and perform substantially administrative activities from your home office, you may still be eligible. You cannot perform these administrative activities anywhere else but from your home office.

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