Tuesday, March 21, 2006

Home office tax deductions

Whether you are self-employed or an employee, if you use a portion of your home for business, you might be able to deduct the associated costs.

A home-office deduction is generally easier for self-employed individuals to claim. But even then, the Internal Revenue Service has certain requirements a taxpayer must meet.

General requirements

First, your home-office area must be used regularly and exclusively for your business needs. You can't set up a computer in your den, sporadically type invoices and claim that room as your home office. Continue reading

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