Home Office Deductions

Having your own business can enable you to have a qualified home office – and deduct expenses for your home that otherwise would be non-deductible.

Examples:  Depreciation, insurance, maintenance, repairs, and utilities allocable to the part of your home used as an office.

The office must be a part of your home that you use exclusively for business on a regular basis.  It must be either your principal place of business or needed for essential business record keeping.

Strategy:  Take photos or a video of your office space to show how it is used, to be available in case you are ever audited – even after you may have sold the home.