HOME OFFICE DEDUCTION - A TAX BREAK

If you use part of your home for your business, you may qualify to deduct expenses for the business use of your home.

Generally, in order to claim a deduction for a home office, you must use a part of your home exclusively and regularly for business purposes. In addition, the part of your home that you use for business purposes must also be: your principal place of business, or a place where you meet with patients, clients or customers in the normal course of your business, or a separate structure not attached to your home. Examples might include a studio, workshop, garage or barn. In this case, the structure does not have to be your principal place of business or a place where you meet patients, clients or customers.

You do not have to meet the exclusive use test if you use part of your home to store inventory or product samples. The exclusive use test also does not apply if you use part of your home as a daycare facility.

The home office deduction may include part of certain costs that you paid for having a home. For example, a part of the rent or allowable mortgage interest, real estate taxes and utilities could qualify. The amount you can deduct usually depends on the percentage of the home used for business.

The deduction for some expenses is limited if your gross income from the business use of your home is less than your total business expenses.

If you are self-employed, use Form 8829, Expenses for Business Use of Your Home, to figure the amount you can deduct. Report your deduction on Schedule C, Profit or Loss From Business.

If you are an employee, you must meet additional rules to claim the deduction. For example, in addition to the above tests, your business use must also be for your employer’s convenience.

Thanks for reading.

ADVANCE TAX RELIEF is an IRS tax resolution and defense firm. Our mission is to protect the rights of hardworking taxpayers. We promise to make every attempt to exceed our clients’ expectations at every opportunity and to help resolve their IRS tax problems as fast as possible. We know that hard work, perseverance, knowledge, experience and applying proven methods would bring proven results and success.

Call (800)790-8574 for a free consultation or contact us via web www.advancetaxrelief.net

BBB ACCREDITED BUSINESS

Follow Advance Tax Relief on twitter:
https://twitter.com/IRSTAXPRO

Like Advance Tax Relief on Facebook(Get free tax tips daily) :
http://www.facebook.com/pages/ADVANCE-TAX-RELIEF-LLC/159880007482847?ref=stream

Connect with Advance Tax Relief on Linked-In.
http://www.linkedin.com/pub/advance-tax-relief-llc/58/761/4a1

Keywords:
Unfiled tax returns, federal tax lien help, file back taxes, handle auditor, tax preparation, help with IRS, IRS audit help, IRS bankruptcy, IRS notice, IRS levy, IRS lien, IRS tax consultants, lawyer to help with tax problems, letter from the IRS, taxmasters, tax consultants, offer in compromise, penalty abatements, tax settlement, tax attorney, tax attorney houston, irs tax attorney, advance tax relief, tax attorneys, income tax attorneys, income tax lawyers, tax law attorney, the tax lawyer, irs tax relief attorney, irs tax lawyer, tax lawyers houston, tax lawyers, irs tax attorneys, tax law firm, irs tax attorney houston, houston tax attorney, tax law firm houston, tax lawyer, find tax lawyer, tax attorney lawyer, tax attorneys houston, tax law attorneys, tax relief attorney, houston tax attorneys, advance tax relief llc, business tax lawyer, houston irs tax attorneys, tax problem attorney, tax lien attorney.