Be Careful Claiming Office In Home Deductions
Thursday November 9, 2006
In her USA Today article, Your Money writer Sandra Block advises that in a September fact sheet issued by the IRS, indications are that you may be more likely to have your tax return audited if you claim a home-office deduction.
There's always been a debate over whether claining home office expenses for running a home based business or in a work from job makes you a bigger target for the IRS auditors. The safest way to handle it is to know the IRS regulations inside and out, only take the home office deduction if you legitimately qualify for it, and only deduct those expenses you're entitled to deduct. The article provides several tips and guidelines on what you can and cannot deduct and on who is eligible to claim the office in home deduction.
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There's always been a debate over whether claining home office expenses for running a home based business or in a work from job makes you a bigger target for the IRS auditors. The safest way to handle it is to know the IRS regulations inside and out, only take the home office deduction if you legitimately qualify for it, and only deduct those expenses you're entitled to deduct. The article provides several tips and guidelines on what you can and cannot deduct and on who is eligible to claim the office in home deduction.
Related Topics:
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