Home business cuts taxes

Realty Tax Tips-Part 7: Does my line of work qualify?

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

(This is Part 7 of an eight-part series. Read Part 1, Part 2, Part 3, Part 4, Part 5, Part 6 and Part 8.) If you are among the millions of homeowners and renters who operate a profitable part-time or full-time business from your home, don't forget to claim your home-business tax deductions to reduce your income taxes. It doesn't matter if you are self-employed or you are an employee expected to work from home, such as an outside salesperson or a telemarketer. Purchase Bob Bruss reports online. However, if your employer provides suitable workspace, but you prefer working at home, then you don't qualify for Uncle Sam's generous work-at-home tax deductions. For example, if you are a computer programmer who prefers to work from home so you can supervise your pre-school child, you don't qualify for home-business deductions if your employer provides suitable office workspace. SELF-EMPLOYEDS MUST PASS THE PRIMARY BUSINESS LOCATION TEST. If you are self-employed, such as an independent co...