It’s a little tricky, so check out IRS Publication 587 for more details.Ī partnership is a business with multiple owners. For the second, you’ll determine which percentage of your house you use for office space. For the first, you’ll deduct $5 for every square foot of your office (for a maximum of 300 feet). To calculate your home office deduction, you can use either the simplified method or regular method. If you work from home every few days and in an office the rest of the time, you can’t claim a home office deduction. For instance, if you’re also using that home office to store your workout equipment, you can’t count it as a deduction.Īdditionally, to deduct home office expenses, your home office must be either your business’s main location or where you meet with clients. If the room in your home serves any other purpose, you cannot claim it as a tax deduction. However, the portion of your home you deduct must be used only for business purposes. Similarly, if you have an in-home office, you can claim a deduction. Typically, if you rent an office space, you can deduct your rent payments.
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