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; GrowWorking at Home Home Business Newsletter - Sign up!Discuss in My Forum Office-in-Home Tax Deductions - Home Business Use of Your HomeIs it Worth Claiming Deductions for Business Use of Your Home?By Randy Duermyer, About.com See More About:office in home tax deductionshome business taxes Claiming tax deductions for an office in your home is one of the benefits enjoyed by many home-based business operators and telecommuters. Unfortunately, there are tests that need to be met and consequences to consider before you just jump right in and claim these deductions. You need carefully consider your options for several reasons, including: There is some argument that claiming the Office in Home deductions makes you a target for an IRS audit. Opinions are mixed. The IRS has specific requirements that you must meet in order to claim these deductions. Make sure you meet the requirements to the letter. There are certain limitations on deductions and there are certain consequences of claiming s
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home business tax deductions He expenses you can deduct are as follows: Rent. Rent is considered an indirect expense home business tax deductions, and you can deduct the business portion of rent if you qualify for the home office requirements. Multiply your rent payments by your home-use percentage. If your rent is $800 month (or $9 home business tax deductions, 600 year) and you use 20 percent of your home for your business home business tax deductions, then your deductible is $1 home business tax deductions, 920. If you own your home home business tax deductions, you cannot deduct the fair rental value of your home office. Rather home business tax deductions, you can claim depreciation on your home office. Insurance. A portion of homeowners or renters insurance policy is deductible if you are eligible for home-office deduction home business tax deductions, equivalent to the percent of the business use of your home. However home business tax deductions, if you pay additional coverage directly related to your home office home business tax deductions, treat the additional expense as a direct expense. Some home entrepreneurs carry special coverage for their home office equipment. Casualty Losses. These are losses from fire home business tax deductions, storm home business tax deductions, theft home business tax deductions, shoplifting or vandalism. What you c.
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home business tax deductions 
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