Unlock the Biggest Possible Deduction for a Home Office

The IRS recently issued a reminder about claiming the home office deduction. In particular, it explained a simplified method that offers a time-saving option. But many taxpayers who maintain a home office fare better tax-wise by deducting expenses under the regular method. Others may not be eligible to deduct any home office expenses. Here's why. Regular and Exclusive Use Most home-related Continue Reading

TAX QUIZ on Home Office Deductions

  Q. Who is entitled to take home office deductions?   a. A college professor who grades papers in a home office.   b. A self-employed attorney who converted an unattached garage into an office and meets clients there.   c. A plumber who uses a guest room to do paperwork.   d. An architect who sets up a room for occasional telecommuting. The answer is b  Although the rules on Continue Reading