Home Office Tax Deduction

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Tax Deductions and other Taxes topics.

Home Office Tax Deduction

H&R Block Tip: When it comes to taxes, we're all looking for deductions! It is important to note that your home office deduction cannot be more than your home business profit. If you're claiming a home office tax deduction this year, ensure your claim with these tax tips: maintain proper business record keeping including your advertising expenses and records of payment for state and local licensing and permits. Also, keep a business calendar and/or diary of your expenses, meetings and mileage. Even if you spend the majority of your time providing services to outside clients, customers, and/or patients (such as CPAs, landscapers, and doctors), your home office will still qualify for the tax deduction. You just need to be certain you use your home office regularly and exclusively to perform your administrative and management duties.



Nobody has commented on this tip yet. Be the first.


URL: (optional)


Not finding the advice and tips you need on this Taxes Tip Site? Request a Tip Now!

Guru Spotlight
Jerry Mayo