Federal Tax, Tax

Eligible Qualifications for Home Office Tax Deductions

With so many people now working from home, they may refer to their workspaces as “home offices.” But does that space qualify them for home office tax deductions? Indeed, there are specific requirements workspaces must meet to qualify for deductions. For example, a portion of the home must be available for the exclusive use of conducting business on a regular basis. As an example, if a self-employed person uses an extra room to run a business, he or she can claim deductions only for the extra room so long as it’s used both regularly and exclusively in the business. Also, to qualify, the home must be the taxpayer’s principal place of business. Contact us for additional qualifications. © 2023