To take the home-office tax deduction, the IRS requires the office to be your principal place of business and it must be used exclusively and on a regular basis. According to the S.B.A., just over half of the country’s small businesses are based in a home, but only a small number of taxpayers claimed this deduction.
The most common reason for not taking the deduction is the complexity of the paperwork (i.e., IRS Form 8829) taxpayers must file. A second reason for not taking the deduction is fear of an IRS audit, which may also be attributed to the form’s complexity.
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