Search Help


Enter one of more keywords to search. Use quotes for “exact phrase.” Note that '*' and '?' wildcards are supported.

When your search results appear, you can refine your search further: Sort for only results in which all search terms appear AND/OR sort by chronological order.

Article Date:
June 2013


Word Count:
1384

 

 

Test Your Tax IQ: Home-Office Tax Deduction with Regular Office


Situation

 

Eddie Fiss works 40 hours a week at his small downtown office that he owns.

 

He also spends 12 hours a week working at home doing all the administrative tasks required for his consulting business.

 

Questions

 

Can Eddie claim tax deductions for any of these?

 

A.

His downtown office only

B.

His home office only

C.

Neither office

D.

Both offices

 

Answer

 

D. Eddie can claim deductions for both offices.

 

Explanation

 

Over the years, we’ve come across many small-business owners and tax advisors who believe that a home office is not deductible unless it’s the only place of business.

 

We designed this question-and-answer scenario to debunk the only-office misconception and illustrate that office space inside your home may qualify for a home-office deduction even if you also have an office for the same business outside your home.

 

Repairs and other costs related to maintaining a home are normally considered non-deductible ... Log in to view full article.

Log in to view full article
Already a subscriber?
 
Email Address

 
Password

Log In

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?
 
with a money-back guarantee



 

SS