Home Offices and Your Taxes
Small businesses almost always start with a single individual or small group of likeminded individuals who are dedicated to bringing a particular idea for a service or product to life. During this phase of humble beginnings and lofty dreams, it is rarely the case that the owner or owners of a fledgling business have the resources to commit to leasing, renting, or purchasing an independent office space. As a result, home offices become the central place of work for conducting early business, and in some cases they remain preferable even as a company grows.
While there are some tax deductions and benefits available for home offices, it is important that you understand what is or is not permissible under the law so that you do not unintentionally violate the existing legal provisions. Contact the Des Moines business lawyers of LaMarca Law Group, P.C., at (877) 327-2600 to discuss your situation with an experienced attorney
Home Office Deduction Information
The legal and tax implications of a home office are often quite complicated, so it is in your best interest to consult with legal and financial professionals about your own specific situation and needs. That having been said, our experience has shown us that having some basic information can go a long way toward helping you answer your most basic questions. Some important facts:
- Deductions can be claimed if the home office is your primary place of business
- Deductions can be claimed if the home is a frequent meeting place for client or patient interaction
- Deductions can be claimed if the home is used regularly for the storage of inventory, as a rental property, or as an in-home daycare center
The above is only the tip of the iceberg, but if your situation falls under one of those categories, then it may be worth exploring the matter further. Contact the Des Moines business lawyers of LaMarca Law Group, P.C., at (877) 327-2600.