How to Determine Your Home Office Qualifies for a Tax Deduction

This article was written by Beth Duff of MerchantExpress.com.

Small business owners who use part of their home to run their business are entitled to deduct certain expenses on their tax returns. However, certain rules still apply when it comes to this home office deduction.

According to the IRS, there are two basic requirements that determine if your home qualifies for the deduction:

The regular and exclusive use requirement means you must regularly use part of your home exclusively for conducting business. If you run your business out of an extra bedroom or dedicated office space in your house, you can take the home office deduction for that space. If you work from your dining room table during the day and use the room for its intended purpose the rest of the time, you do not meet the regular and exclusive use rule and are not eligible for the deduction. Continue reading

Share!!!

1099-K: Should You Expect This Tax Form in the Mail This Year?

All set to do your taxes? Online sellers and freelancers all over the US are getting ready to start filling out their forms, or at least organizing their paperwork in order to prepare for April. If you’re like them, you’re probably wondering if there are any surprises in store for this tax season. Enter the 1099-K…

What is Form 1099-K? Continue reading

Share!!!