Home office deductions for business owners

Thursday, March 15, 2007 at 10:00AM
Joey Brannon in Tax

We've been getting a lot of questions regarding the availability of home office deductions lately. The rules are pretty simple. Your home must be used...

1. Exclusively and regularly as their principal place of business


2. A place where you meet exclusively and regularly with clients or patients in the normal course of business


3. You have a serperate structure that is used in your business, or


4. As a storage facility of your business on a regular basis

Employees must also use their home for the convenience of their employer to qualify for the deduction. For more information see IRS Tax Tip 2007-53 here. Many other resources are provided in the Tax Tip including a link to Publication 587.

Article originally appeared on Axiom CPA, P.A. (http://www.axiomcpa.com/).