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Lake Wylie Tax Service | Bookkeeping | Payroll Service

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Tag Archives: home-office

Small Business Owners May Qualify for a Home-Office Deduction

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on July 15, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

Home Office Tax Benefits“Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. One of the following must apply to be able to deduct home office expenses. The home office:

  • Must be the taxpayer’s main place of business. OR
  • Must be a place of business where the taxpayer meets patients, clients or customers. The taxpayer must meet these people in the normal course of business. OR
  • Must be in a separate structure that is not attached to the taxpayer’s home. The taxpayer must use this structure in connection with their business. OR
  • Must be a place where the taxpayer stores inventory or samples. This place must be the sole, fixed location of their business. OR
  • Under certain circumstances, must be where the taxpayer provides day-care services.

Generally, except when used to store inventory, an office area must be used on a regular and continuing basis and be exclusively restricted to the trade or business (i.e., no personal use).

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Posted in For Business | Tagged home-office, Tax Deduction, Tax Planning
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