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Do You Work From
Home?
If So, Consider The Home Office Deduction.
Generally, in order to claim a business deduction for your home, you must
use part of your home exclusively and regularly as your principal place of
business, as a place you meet your clients, or in connection with your
business, where the business portion of your home is a separate structure
not attached to your home. Note that the requirement that the
business use of the space must be exclusive -- no personal use at all is
allowed to claim the home office deduction.
For the most part, the amount you can deduct depends on the percentage of
your home used for business. Your deduction for certain expenses will be
limited if your gross income from your business is less than your total
business expenses.
It’s important to note that there are special rules for qualified daycare
providers and for persons storing business inventory or product samples in
their home.
More
Information from the IRS Web Site
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