Every year we home based business owners grabble with tax deductions or simply turn the matters over to our accountant (as I do).
Here’s an informative article on the subject of home office space and tax deductions from the Washington Post. That space in your home you use for your home-based business may or may not be tax deductible. The caveat is whether you use a space or room exclusively for the home business or not.
If the space or room is mixed business and personal use, it may create an ‘IRS frown’. However, if the space is used exclusively for the home business, they are many options open to you. For example, you can depreciate that space used for the business, which is something you generally cannot do with residential properties.
If you want to learn more about home business space deductions, check out the article and the IRS links below. How to Deduct a Home Office Business Use of Home (IRS) Tags: Home Business, Home Based Business, Home Business Office Space, Home Office Space Tax Deduction