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Home Office deduction

 

One of the tax benefits of becoming a member of the Global Domains International, Inc.(GDI) team is that you will own a home based business which can provide you home office deductions.  If a part of your home is used to conduct business, you may be able to deduct certain expenses you would not otherwise be able to deduct.  A percentage of the costs of your home security system, home insurance, utilities, repairs and depreciation can be deducted.  These expenses could provide a welcomed offset to the earnings from your business and will serve to reduce your taxes.

 

Rules for the home office deduction explain that a home includes a house that you own or rent, an apartment, condominium, mobile home, boat or other similar places where people live.

 

In order for your home office expenses to qualify as deductions, two basic requirements must be met:

1. REGULAR AND EXCLUSIVE USE.  You must use a space in your home just for your business.

2. PRINCIPAL PLACE OF YOUR BUSINESS.  You must be able to demonstrate that your home is your primary place for conducting business.

 

For a full explanation of home office deductions, see “IRS Publication 587- Business use of your home.”

 

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