Do you believe the following statement?…
“A home office is not deductible unless it’s your only place of business.”
Don’t believe it! It’s a myth!
That’s right. If you play by Uncle Sam’s rules, you can claim a valuable home-office deduction even though you have a regular office outside your home.
Want to find out how you can save a lot of money by handling your dual-office situation the right way? Don’t miss my new article titled Tax Tips: Test Your Tax IQ: Home-Office Tax Deduction with Regular Office.
Three ways our fact-filled article can help you:
- We’ll explain the “exclusive use” rule. The IRS demands that you use a specific, “separately identifiable space” for your home office which can only be used for business purposes. You’ll get all the details when you read the full article.
- You’ll learn why you have to use your home office on a “regular” basis. “Incidental or occasional business use” does not constitute regular use according to the IRS. The IRS audit manual states that “regular use” means use “on a continuing basis.” We’ll explain everything when you read the full article.
- We’ll list the “principal place of business” rules. Section 280A(c)(1) of the IRS code says that your home office must be your principal place of business. Does your home office qualify? This can be a pleasant surprise. You’ll find out when you read the full article.