Home-Office Tax Deduction
Sunday February 17, 2008
An age-old question for craft professionals who work from home is: should I take the home office deduction? I've always been
a firm believer that you should take all legal deductions that you can. Even if you might get audited. Yes, if you are taking a legitimate deduction and can verify the claim in the event of an audit, you should definitely take any and all cuts on your taxes possible. To pay more because you are worried that someone may check out your records is a poor business decision.
Comments
What qualifies a crafter to deduct a room used for business in the home? Are there guidelines one must follow? Do you have to be licensed or tax exempt to qualify? I am a quilter and jewelry maker. I am in my sewing room all the time. Does that qualify me for a tax deduction? Thank you in advance for any guidence or web site that might answer my questions. Darlene
Please tell me if this is true or false. I heard if you take a deduction for square footage in your house that it hurt you when you sold it.
I found this article online: it’s kind of confusing but somewhat helpful!
http://www.nysscpa.org/cpajournal/2004/904/essentials/p46.htm