Home Office Deduction: How It Works & Who Can Take It

Event description

In this program we will provide information from calculating and claiming the deduction for business activities in the home as well as business use of the home. The Business use of home tax deduction is for the self-employed or a partner, who use a part of their home for business. The only people who qualify for the deduction are self-employed, small business owners, freelancers, or other types of independent contractors.

We’ll review the requirements you must make to qualify for a deduction: how to determine the business percentage of home use, the types of expenses you can and cannot deduct either in full or according to the percentage, how to determine the limits on deductions, and where to deduct the expenses on your return.