Home Office Tax-Deductions Requirements

Financial Tid-Bits,Tax

With so many people working from home, they may refer to their workspaces as “home offices.” But do those spaces qualify them for home office tax deductions? Indeed, there are specific requirements workspaces must meet to qualify for deductions. Employees currently don’t qualify for home office deductions if they’re required, or want, to work remotely. For self-employed individuals, a portion of the home must be used regularly and exclusively to conduct business. Also, to qualify, the home must be the taxpayer’s principal place of business. Contact us for additional qualifications.

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