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Self-employed rejoice in home-business deductions

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An estimated 30 million U.S. taxpayers work full- or part-time from their owned or rented residences. Whether you are employed, working at home for the convenience of your employer, or if you are self-employed, you may be entitled to significant tax saving deductions for part of your household expenses. Deductible examples include part of your residence rent, utilities, insurance repairs, painting, property tax, mortgage interest, depreciation, and even business equipment costs. Purchase Bob Bruss reports online. HOME-BASED EMPLOYEES HAVE A SPECIAL TEST. If you are an employee, such as an outside salesperson or a computer programmer working from your home, you have a special test to pass before you can deduct home business expenses. This test requires your work at home be for the "convenience of the employer." That means your employer doesn't provide suitable work space and expects you to work primarily from your residence. However, if you rent part of your residence to your emp...