Jack Woods

 

Central Business Solutions 

301 Lynnfield Street, P.O. Box 3169 Peabody, MA 01960

 

Phone:  978-532-0266

Fax:      978-532-9105

 

1147 Main Street, Suite 213, P.O. Box 299 Tewksbury, MA 01876

 

Phone: 978-851-8044

Fax:     978-851-9332

 

Email: jack@cbps.com

March 2019

Home Sweet Home

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You could be eligible to deduct some costs of your home for business — if you follow strict rules. If you use part of your home or a detached structure like a garage “regularly and exclusively” for business purposes and it is your principal place of business, you can use one of two methods to take deductions.


Deduction Methods
Use the simplified option where you multiply $5 times up to 300 square feet of area in which you exclusively conduct business (up to $1,500). Or use the regular method, which is based on the percentage of your home devoted to business use. If your rent, or pay mortgage interest utilities and other related costs were, for instance, $20,000 and your home office was 20% of your home, you could deduct $4,000 from taxable income.


Other rules and restrictions apply, so talk to your tax professional to learn more.


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