Contigo Tax Service
See if you qualify for any tax breaks for operating a business from your home. Is your home-based office a place of business?
A home office will qualify as the principal place of business if you use it exclusively and regularly to meet with clients or to conduct the administrative or management activities of your trade or business. There must be no other fixed location of the business where you can conduct these activities. Home office deductions cannot be more than your earned income. If they are higher, you may carry over the nondeductible expenses to the following year. Form 8829, Expenses for Business Use of Your Home, is used to claim a deduction for home office expenses for a self-employed person. The Tax Cuts and Jobs Act (TCJA) suspended the ability to deduct home office expenses for an employee beginning January