Home office deduction: Heres who qualifies and how to claim it
While it’s more complicated, the regular method can lead to “pretty substantial savings” in some cases, said CFP Neil Krishnaswamy, president of Krishna Wealth Planning in McKinney, Texas. With either method, the qualification for the home office deduction is determined each year. Clearly, if you use an otherwise empty room only occasionally and its use is incidental to your business, you’d fail this test. If you work in the home office a few hours or so each day, however, [...]