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Lock up home-office deduction without even qualifying

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in Leaders & Managers,Management Training,Small Business Tax,Small Business Tax Deduction Strategies

If you work at a central location—say, a company office downtown—and you take work home on nights and weekends, you typically won't qualify for home-office deductions. Reason: Your home office is not your "principal place of business." The downtown office is.

The good news: You may not realize it, but you can still write off certain expenses connected with your home office.

How? Claim deductions for furniture or business equipment used in your home office. The tax law allows you to deduct those costs, even if you don't otherwise qualify for an official home-office deduction. In fact, you may be able to write off the entire cost this year!

Similarly, if you use part of your home to store products or samples, you may be in line for a home-office deduction. You don't actually need to set up an "office" in your home. Here's the whole story:

Congress loosens up

In general, you can deduct home-office expenses (utilities...(register to read more)

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