Tax Relief: Home Business Purposes

If you are self-employed and use a part of your home for the purpose of conducting your business you may qualify for tax relief in this respect. Many more people today are starting and operating home businesses and, in this regard, a home office deduction is a distinct possibility for that business and home owner. Expenses that may be deducted from your income tax return include a portion of real estate taxes (determined by the size of the home that is dedicated to business use), mortgage interest, rent, utilities, depreciation, insurance, painting and repairs.

This tax relief claim may only be made if the business section of the home is used exclusively for that business on a regular basis. Therefore, it must be the principal place for your trade or business; or, the place where you deal with most of your clients, patients or customers in the normal course of your business.


Generally speaking, the portion of tax relief you can enjoy is dependent on the percentage of the home that is used for this purpose. The deduction will be limited if gross income is less than total business expenses. If you make use of a separate structure (not attached, but adjacent to your home) for regular business purposes, you may also deduct its related expenses.

For qualified day-care providers and people storing product samples or business inventory, special rules apply and you would need to go into some detail to find out precisely what these are and how they apply to your income tax deductions. A professional who is proficient with these provisions would certainly be able to assist you.

By: N.F.Centeno

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