Pub 587 Guide: Maximize Home Office Deductions Now
Am I Eligible for the Home Office Deduction? Before claiming your home office deduction, ensure you meet IRS Publication 587's requirements. Your home workspace must be used exclusively (only for business) and regularly (consistently and frequently) for business. A spare room used occasionally for crafting wouldn't qualify; your primary business workspace must meet these conditions. Choosing Your Deduction Method: Simplified vs. Actual Expenses IRS Publication 587 offers two methods for calculating your home office deduction, each with advantages and disadvantages:...