PLAN FOR YOUR HOME OFFICE DEDUCTION BEFORE TAX TIME

PLAN FOR YOUR HOME OFFICE DEDUCTION BEFORE TAX TIME

If you are setting up an office in your home this year and plan to use it to get that lovely tax deduction, check with your tax professional NOW so you do everything correctly to get the maximum deduction. The IRS has some very specific rules for space in your home to qualify as your “office”.  Similarly, there is a nice list of expenses that become deductible when you have an office in your home.  But this deduction is a “red flag” item for possible IRS audits so you should take care and do everything in compliance with the tax rules.  Also, for tax year 2013, the IRS introduced the “Simplified Home Office Deduction” option.  The option allows for less paperwork in claiming the deduction but the restrictions for qualifying for the deduction remain the same. 

So, don’t wait until tax time.  Consult your tax preparer now to make sure you are doing everything you need to qualify and record all the expenses you will then be able to deduct.  For those of you who prepare your own taxes, please consider consulting an expert just to discuss this one important deduction.  It will be worth it.


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Phone: 914-441-0980
Dated: July 9th 2014
Views: 5,752
About D Gloria : I love looking at houses and I often dream about them. After 15 years in real estate, I believe I ha...

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