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Home Office Deduction Rules for the Self-Employed
Description
Dr. Friday explains that the home office deduction can still apply to self-employed taxpayers who use a space exclusively and regularly for business. She also reminds listeners to document details like square footage and household expenses.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Home office deduction remains available for self-employed who work part-time from their home exclusively and regularly for business. With remote or hybrid working becoming more common, many taxpayers are seeking clarification on how this works.
Well, basically what you have to make sure is, A, you’re working from home for the benefit of the company you’re doing it for. If you’re self-employed, well it’s for your own self.
Documenting the essential parts of square footage, utilities, how involved the landscape and cleaning services are.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.