Tag: home office

How is the Home Office Deduction Calculated?

Self-Employed Brookline, NH Resident Has Questions

When claiming the home office deduction on your taxes you can use the simple or regular method for calculating your deduction.  To determine which is the best calculation, you will want to determine which of the two will offer you the larger deduction.  With the simplified method, you would complete a Simplified Method Worksheet, supplied by the IRS.  This will require you to indicate the square footage of your business space in the home among other factors to determine the deduction amount.  The regular deduction method uses Form 8829 and factors in mortgage interest, real estate taxes, insurance, and utilities to determine the deduction amount.

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Hudson Resident Looks for Answers

One deduction that can add up for small business owners is the home office.  However, take this deduction carefully as it can trigger an IRS audit.  You can qualify for this deduction if the area is used exclusively and regularly for business purposes.  This area must be used as the principal location for the business, or it is a place where you regularly meet with customers.

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405 Daniel Webster Hwy
Merrimack, NH 03054
(603) 429-2009

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Wednesday: 9AM-5PM
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