Business Tax Recovery Logo


Tax Deduction Consulting: Home Office Washington DC

Self-employed individuals often work out of their own home. If this is the case with you, here's a primer on home office tax expenses you can claim on your taxes.

Joseph Bonaccorsy
2011 Crystal Dr.
Arlington, VA
Company
Title: Financial Advisor
Company: Core Advisory, LLC
Type
Registered Investor: Yes
Education
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience
Years Experience: 15
Service
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu

Data Provided by:
Barbara J. OLeary (RFC®), CEP
(703) 370-7666
101 South Whiting Street Suite 203
Alexandria, VA
Qualifications
Years of Experience: 18
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans

Data Provided by:
B. Frank Doe (RFC®), CFP, MBA
(703) 272-7177
10560 Main Street, Suite 316
Fairfax, VA
Company
Frank & Darby Doe
Qualifications
Education: MBA
Years of Experience: 33
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities

Data Provided by:
Ari Group Llc
(202) 723-5059
1731 7th St Nw
Washington, DC

Data Provided by:
Jackson Hewitt
(202) 588-1885
251 Florida Avenue
Washington, DC

Data Provided by:
Charles Stough
1940 Duke St, Suite 200
Alexandria, VA
Company
Title: LPL Wealth Planner
Company: WealthPath LLC
Type
Investment Advisor Rep: Yes
Education
University of Oklahoma/MHR
University of Florida/BA
Years Experience
Years Experience: 7
Service
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni

Data Provided by:
Mr. Vijay K. Khetarpal (RFC®), CFP, CHFC, CLU
(703) 356-4888
8607 Westwood Center Dr #300
Vienna, VA
Company
Integrity Financial Group, LLC
Qualifications
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
Membership
IARFC, MDRT, FPA, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Martin J. Beeson (RFC®), CEP, CSA
(866) 388-0110
2135 Defense Hwy Ste 6
Crofton, MD
Company
The Planning Companies
Qualifications
Years of Experience: 19
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell

Data Provided by:
Express Tax Svc
(202) 332-0400
1541 7th St NW
Washington, DC

Data Provided by:
Atab Tax Service
(202) 829-2822
536 Columbia Rd Nw
Washington, DC
 
Data Provided by:

Tax Deduction Consulting: Home Office

Home Office Tax Expenses

Self-employed individuals often work out of their own home. If this is the case with you, here's a primer on home office tax expenses you can claim on your taxes.

America is a country built on small businesses. Yes, the big companies are the darlings of the media, but the guts of our economy are the little guys pursuing the American Dream from the extra bedroom. Fortunately, the tax code contains deductions tailored to help cut your tax bill.

When claiming home office tax expenses, it is important to keep a receipt for each and every amount you are claiming. When dealing with the IRS, receipts are your ammo. Keep them at all costs.

When maintaining a home office, taxpayers often wonder how they differentiate a business expense from a simply home expense. The key is the square footage. Simply divide the square footage of your office by the total square footage of the home. This number is typically represented by a percentage such as 20 percent. Put another way, the home office represents 20 percent of the square footage of the house. Once you have the above answer, you can multiply it by the total yearly amounts paid for rent or mortgage interest, insurance, maintenance, utilities, taxes, depreciation of the home and repairs. Each of these home office tax expenses figures can then be deducted.

In addition to the above, you can also deduct expenses completely related to the business. For instance, the purchase of a desk for the office is entirely attributable to the office and can be deducted in full.

There are some limitations to home office tax expenses. If you are reimbursed by an employer for various home office expenses, you cannot also claim those expenses as a tax deduction. Sorry, no double dipping.

For some time, there has been an urban myth that the Internal Revenue Service keeps a close eye on home-based businesses. This may have been true ten years ago, but is clearly not the case today. To this end, the IRS has ac...

Click here to read the rest of this article from BusinessTaxRecovery.com