Business Opportunities Weblog

The Home Office Tax Deduction

By on April 1, 2005 in Ideas

IMG_0777 -- cc by benclark Yahoo Small Business: “When you use part of your home for business, you may be able to deduct expenses for what the IRS calls the ‘business use of your home.’ If you meet the technical requirements of the tax law, you should be able to deduct a percentage of many of the costs of running your home, such as utilities, rent, insurance, depreciation, mortgage interest, real estate taxes, and some casualty losses, repairs, and improvements (if they relate to the part of the house you use for business).”

via Home Based Business Opportunities.

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Business Opportunities Weblog editor and publisher Dane Carlson lives in the Sierra Nevada mountains of California, just 15 miles from Yosemite National Park. He accidentally became a professional blogger in 2001. He has added 12,208 posts to the site.

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  • Anonymous

    While the IRS allows you to do this, this practice serves as a red flag and could increase the chances of an audit. In his recent book, Richard Yancey, a former IRS employee, confirms that the IRS views this deduction with suspicion. I have heard the same from an accountant.

  • http://www.pajamaprofessional.com Sara

    Of course it increases the chance of an audit, Anonymous. However, the deducations are completely worth it. You just need to make sure you keep good records of everything and read all the rules carefully so you’re not breaking them. As a small business owner you should be doing all of that anyway.

    Sara

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