MOUNTAINSIDE — The following is a tax tip for claiming a deduction for your home office from New Jersey’s IRS Spokesperson Gregg Semanick .
Taxpayers who use a portion of their home for business purposes may be able to take a home office deduction if they meet certain requirements.
Generally, the amount you can deduct depends on the percentage of your home that you used for business. Your deduction for certain expenses will be limited if your gross income from your business is less than your total business expenses.
Different rules apply to claiming the home office deduction if you are an employee. For example, the regular and exclusive business use must be for the convenience of your employer.
For more information see IRS Publication 587, Business Use of Your Home, available at IRS.gov.
For more information on IRS tax tips, go to the IRS.gov Web site at www.irs.gov.
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