Many people think that they have to file Form 8949 when they need to claim a home office deduction. The IRS actually allows a home-based business to include a part-time workstation and filing this is optional for your own tax return. However, if you work from home and only do small-scale business – like running errands – the home-based deduction isn't necessary.
If you're self-employed – whether as an employee or as an independent contractor – you can still claim qualifying home office deductions. Typically, you would file your Form 8949, Expenses for Your Home Office, with your Schedule E, Profit or Loss from Your Business, on a regular tax return. The amount you are entitled to deduct will depend on your specific circumstances, but it is possible to deduct up to 50% of your total expenses for your home office.
If you have a home office, you may be eligible for the home-based deduction. It is important, however, that you understand how it works. If you have more than one workstation in your home, the deduction can be claimed for all of them, even if it's just one cubicle. This means you should calculate your cost per square foot for each area and then add these together.
The home office expense can be claimed for a single expense or you may choose to take the deduction for the entire home based business, or even the house itself. If you use your home for your office more than half of the time, your home office expense may be limited to the amount of square footage that you use.
In addition to being able to take a home office deduction, you may also be eligible for other tax benefits. In order to get the most benefits, consider taking advantage of the deductions for health care costs and other miscellaneous items on your return.
You may not need to claim a home office deduction if you work from a home office at home, but this isn't always the case. There are times when it is appropriate for you to include one in your return. So before you file, check with the IRS to see what the rules are for your particular situation.
There are several ways to claim a home office deduction. Some people claim a deduction for each workstation that they have, while others take a flat deduction for the total cost of their home office. The amount of deductions you can get will depend on the type of business you run, the number of employees and the size of your office.
If you're self-employed and have a home office, consider taking advantage of the home-office deduction. As a home-based business owner, you'll get many tax benefits when you deduct the cost of running your home office. Even if you only use it for occasional work, you can get the tax benefits that you deserve.
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