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If you use part of your home for your business, you may be able to deduct expenses for the business use of your home. The home office tax deduction is available for homeowners and renters, and applies to all types of homes.
The best part is that the IRS has now simplified the method for determining the home office tax deduction.
But do you qualify for the simplified deduction?
If you own your business, there are two basic requirements for your home office to qualify as a tax deduction:
If you're an employee and use part of your home for business, you may qualify for a home office tax deduction if you meet the following requirements:
Small business owners may be tempted to use the IRS's new simplified method for calculating the home office deduction. Here's how it differs from the regular method:
For additional guidance on the home office tax deduction, you may want to consult an experienced tax attorney in your area.
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