Home Office Tax Deductions Are Advantageous, But Good Record Keeping Is Crucial
As CNN reports, the number of Americans taking home office tax deductions is on the rise:
The number of U.S. taxpayers claiming home office deductions has grown from more than 1.5 million in 1991 to nearly 3.2 million in 2005, the most recent tax year for which figures are available, according to the Internal Revenue Service.
The dollar amount Americans claim each year is also climbing — from nearly $3 billion in 1991 to close to $9 billion in 2005, the IRS said.
The number of sole proprietorship businesses — a tax classification that includes home-based businesses — also has shown impressive growth, increasing in number by nearly 50 percent in the last 15 years, the IRS reports.
While trading in a harried morning commute for a short trip down the hall sounds inviting, claiming home office space tax deductions can be tricky.
Read the rest of the article for helpful tips on tax deductions.
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