Home Office Deduction (ASL) - YouTube video text script
Hi, I’m Patti and I work for the IRS.
Do you work from home?
You should consider the home office deduction.
If you use a portion of your home regularly and exclusively for business, you may be able to take the home office deduction.
Normally, the amount you can deduct depends on the percentage of your home used for business.
But, keep in mind your deduction may be limited if your business is losing money or if your business profit is small.
If you are self-employed, use Form 8829 to calculate what your home office deduction.
Then report this amount on Schedule C, which is the form you use to show your business income and expenses.
If you are work for someone else, additional rules apply.
Generally, tax preparation software will walk you through these rules.
For more information, go to www.IRS.gov