If your main workplace is your home, you may be able to deduct expenses attributable to the part of the home used for business purposes. Normally, these “everyday expenses” are personal and completely nondeductible, but you can deduct a portion based on the home’s percentage of business use.
Strategy: Use the business percentage method that gives you the biggest deduction. In other words, you don’t have to rely on the IRS-prescribed method on Form 8829, Expenses for Business Use of Your Home. You’re free to use any other “reasonable” method.
Here’s the whole story: To qualify for home office deductions, you must use a separate area of your home regularly and exclusively as your principal place of business or as a place where you meet or deal with customers, clients or patients in the normal course of business. Alternatively, you may deduct expenses in connection with a separate structure (e.g., a detached garage) used for bu...(register to read more)