WestCoast Media
  • Local Events
    • Chino Events
    • Chino Hills Events
    • Corona Events
    • Diamond Bar Events
    • Eastvale Events
    • Orange County Events
    • Rancho Cucamonga Events
  • Beauty & Health
    • There’s Nothing Wrong with Wanting to Get Away
      more
      View more

      There’s Nothing Wrong with Wanting to Get Away

      2 weeks ago
    • Adult Daycare vs. Adult Day Healthcare
      more
      View more

      Adult Daycare vs. Adult Day Healthcare

      3 weeks ago
    • Holiday Wear for the Wise
      more
      View more

      Holiday Wear for the Wise

      1 month ago
    • Revamping Your Fall Skin Care Routine
      more
      View more

      Revamping Your Fall Skin Care Routine

      1 month ago
    • Tips to Maintain Healthy Rituals During the Holiday Season
      more
      View more

      Tips to Maintain Healthy Rituals During the Holiday Season

      1 month ago
  • Home
    • Simple Checklist  for Hosts and Guests!
      more
      View more

      Simple Checklist for Hosts and Guests!

      2 weeks ago
    • When Adult Kids Come Home for the Holidays
      more
      View more

      When Adult Kids Come Home for the Holidays

      3 weeks ago
    • Oh, Those Holiday Letters!
      more
      View more

      Oh, Those Holiday Letters!

      4 weeks ago
    • Liven Up Your Annual Gatherings
      more
      View more

      Liven Up Your Annual Gatherings

      1 month ago
    • Easy Tips to Create a Cozy Home this Fall
      more
      View more

      Easy Tips to Create a Cozy Home this Fall

      2 months ago
  • Family
    • Is Homework Destroying Your Family?
      more
      View more

      Is Homework Destroying Your Family?

      2 weeks ago
    • When Adult Kids Come Home for the Holidays
      more
      View more

      When Adult Kids Come Home for the Holidays

      3 weeks ago
    • Stress Less Children
      more
      View more

      Stress Less Children

      1 month ago
    • Stranger Danger
      more
      View more

      Stranger Danger

      2 months ago
    • No Advice is Good Advice
      more
      View more

      No Advice is Good Advice

      2 months ago
  • Lifestyle
  • Business & Finance
    • Business Succession
      more
      View more

      Business Succession

      2 weeks ago
    • Why California is the Golden State for Entrepreneurship
      more
      View more

      Why California is the Golden State for Entrepreneurship

      3 months ago
    • What Will They Say About You?
      more
      View more

      What Will They Say About You?

      6 months ago
    • How Does the Tax Cuts and Jobs Act Affect You?
      more
      View more

      How Does the Tax Cuts and Jobs Act Affect You?

      7 months ago
    • Branding the Business of YOU
      more
      View more

      Branding the Business of YOU

      10 months ago
  • Auto & Insurance
  • Spotlight
    • American Spirit
    • Mamalog
    • Head to Toe Trends
    • Carrying on Kennedy’s Voice
    • Get Local
    • IPittytheBull
  • About Us
    • Media Kit
    • About Us
    • Our Team
    • Testimonials
    • Contact Us
    • Distribution
  • Like Us!
  • Local Events
    • Chino Events
    • Chino Hills Events
    • Corona Events
    • Diamond Bar Events
    • Eastvale Events
    • Orange County Events
    • Rancho Cucamonga Events
  • Beauty & Health
    • There’s Nothing Wrong with Wanting to Get Away
      more
      View more

      There’s Nothing Wrong with Wanting to Get Away

      2 weeks ago
    • Adult Daycare vs. Adult Day Healthcare
      more
      View more

      Adult Daycare vs. Adult Day Healthcare

      3 weeks ago
    • Holiday Wear for the Wise
      more
      View more

      Holiday Wear for the Wise

      1 month ago
    • Revamping Your Fall Skin Care Routine
      more
      View more

      Revamping Your Fall Skin Care Routine

      1 month ago
    • Tips to Maintain Healthy Rituals During the Holiday Season
      more
      View more

      Tips to Maintain Healthy Rituals During the Holiday Season

      1 month ago
  • Home
    • Simple Checklist  for Hosts and Guests!
      more
      View more

      Simple Checklist for Hosts and Guests!

      2 weeks ago
    • When Adult Kids Come Home for the Holidays
      more
      View more

      When Adult Kids Come Home for the Holidays

      3 weeks ago
    • Oh, Those Holiday Letters!
      more
      View more

      Oh, Those Holiday Letters!

      4 weeks ago
    • Liven Up Your Annual Gatherings
      more
      View more

      Liven Up Your Annual Gatherings

      1 month ago
    • Easy Tips to Create a Cozy Home this Fall
      more
      View more

      Easy Tips to Create a Cozy Home this Fall

      2 months ago
  • Family
    • Is Homework Destroying Your Family?
      more
      View more

      Is Homework Destroying Your Family?

      2 weeks ago
    • When Adult Kids Come Home for the Holidays
      more
      View more

      When Adult Kids Come Home for the Holidays

      3 weeks ago
    • Stress Less Children
      more
      View more

      Stress Less Children

      1 month ago
    • Stranger Danger
      more
      View more

      Stranger Danger

      2 months ago
    • No Advice is Good Advice
      more
      View more

      No Advice is Good Advice

      2 months ago
  • Lifestyle
  • Business & Finance
    • Business Succession
      more
      View more

      Business Succession

      2 weeks ago
    • Why California is the Golden State for Entrepreneurship
      more
      View more

      Why California is the Golden State for Entrepreneurship

      3 months ago
    • What Will They Say About You?
      more
      View more

      What Will They Say About You?

      6 months ago
    • How Does the Tax Cuts and Jobs Act Affect You?
      more
      View more

      How Does the Tax Cuts and Jobs Act Affect You?

      7 months ago
    • Branding the Business of YOU
      more
      View more

      Branding the Business of YOU

      10 months ago
  • Auto & Insurance
  • Spotlight
    • American Spirit
    • Mamalog
    • Head to Toe Trends
    • Carrying on Kennedy’s Voice
    • Get Local
    • IPittytheBull
  • About Us
    • Media Kit
    • About Us
    • Our Team
    • Testimonials
    • Contact Us
    • Distribution
  • Like Us!
Home Office Deductions
Business & Banking

Home Office Deductions

  • WCM by WCM
  • March 27, 2016
  • 75
  • 588

Do you use your home for business? You may be able to deduct expenses for business use. If you qualify, you can claim the deduction whether you rent or own your home. There are two methods to claim your deduction: simplified or regular. Here are six tips to help you decide whether you qualify and which method to use for a home office deduction.  1. Regular and Exclusive Use. As a general rule, you must use a part of your home regularly and exclusively for business purposes. The part of your home used for business must also be: • Your principal place of business, or • A place where you meet clients or customers in the normal course of business, or • A separate structure not attached to your home. Examples could include a garage or studio. 2. Simplified Option. If you use the simplified option, you multiply the allowable square footage of your office by a rate of $5. The maximum footage allowed is 300 square feet. This option will save you time because it simplifies how you figure and claim the deduction. It will also make it easier for you to keep records. This option does not change the criteria for who may claim a home office deduction. 3. Regular Method.  If you use the regular method, the home office deduction includes certain costs that you paid for your home. For example, if you rent your home, part of the rent you paid may qualify. If you own your home, part of the mortgage interest, taxes and utilities you paid may qualify. The amount you can deduct usually depends on the percentage of your home used for business. Deduction Limit. If your gross income from the business use of your home is less than your expenses, the deduction for some expenses may be limited. Self-Employed. If you are self-employed and choose the regular method, use Form 8829, Expenses for Business Use of Your Home, to figure the amount you can deduct. You can claim your deduction using either method on Schedule C, Profit or Loss from Business. Employees. If you are an employee, you must meet additional rules to claim the deduction. For example, your business use must also be for the convenience of your employer. If you qualify, you claim the deduction on Schedule A, Itemized Deductions. Not sure what you can deduct? Speak with a tax professional, who can walk you through the steps. W

  • 0
  • 0
  • 0
  • 0
  • 0
  • 0
Search:
Advertising
Favorite Home & Garden Articles
  • Protecting the Stay at Home Spouse

    • 80
    • 1737
  • grey

    30 Shades of Gray

    • 0
    • 1388
  • backyard

    Outdoor Living at Home

    • 0
    • 1272
  • Kitchen Gadgets

    Kitchen Gadgets That Will Change Your Life

    • 0
    • 1254
Advertising
Article Sections
Advertising

Related posts

Leave a Reply Cancel reply

You must be logged in to post a comment.

Previous Post

Home Improvement with Pastor Jack Hibbs

by WestCoast Magazines proudly serving O.C. and I.E.

Home Office Deductions
Next Post

The Flipped Classroom

by WCM

Home Office Deductions
Instagram
  • Instagram image

    Likes: 27

  • Instagram image

    Likes: 27

  • Instagram image

    Likes: 21

  • Instagram image

    Likes: 14

  • Instagram image

    Likes: 24

  • Instagram image

    Likes: 31

Newsletter

Archives
Search
GET IN TOUCH

6939 Schaefer Ave., Ste D-138, Chino, CA 91710
909.390.5727 • info@wcmagazines.com

Copyright WestCoast Media. All rights reserved. www.wcmagazines.com Reproduction without permission is prohibited.