Friday, April 23, 2010

Home is where the deduction is

For many of us, the home office deduction is something we've heard plenty about, but may not be entirely comfortable with. In the current economy, many taxpayers may have begun business endeavors that are entirely home based. For these courageous individuals we present the following:

While this article is a few years old, it covers the basics of the deduction pretty well:

http://money.cnn.com/2006/02/07/pf/taxes/home_office_deductions/

The below link addressed a few of the misconceptions regarding the home office deduction as well as the more specific requirements related to claiming it:

http://turbotax.intuit.com/tax-tools/tax-tips/small-business/5663.html

Due to the perceived audit risk and the somewhat complex rules, many eligible taxpayers have passed on the deduction. The below discusses the decision to claim the deduction:

http://www.forbes.com/2007/02/06/business-irs-deduction-ent-law-cx_ng_0206smallbizresource.html

And lastly, one more article regarding the decision to claim the deduction. This one however provides a few examples of the types of records being kept by taxpayers that claim the deduction if an audit does become an issue:

http://online.wsj.com/article/SB120043915626692441.html

With many taxpayers looking for ways to save some money, the home office deduction may be a great place to look for those that qualify. If you have any questions regarding the qualifications we would be happy to help.

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