Tax news February 2008

Technology

Tax reminders for businesses with home offices

In order to educate taxpayers, the IRS has provided this fact sheet which explains the rules for deducting home office expenses.Home Office Deduction: Basic RequirementsGenerally, expenses related to the rent, purchase, maintenance, and repair of a personal residence may not be deducted as a business expense. However, taxpayers who use a portion of their home for business purposes may be able to take a home office deduction if they meet certain requirements.

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