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7 2 Final Project Milestone Three Home Office Deductions.docx 7.2 Final Tax Planning:

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7 2 Final Project Milestone Three Home Office Deductions.docx 7.2 Final Tax Planning: The Home Office Business Deduction Southern New Hampshire University RESEARCH MEMORANDUM Facts: Nora wants to know if she quali ...

7 2 Final Project Milestone Three Home Office Deductions.docx 7.2 Final Tax Planning: The Home Office Business Deduction Southern New Hampshire University RESEARCH MEMORANDUM Facts: Nora wants to know if she qualifies for the home office deduction. Nora has a 300-square- foot room in her 2,000 square foot home that she uses for her bakery business for administrative functions, i.e., paying bills and ordering supplies. Authorities: I.R. 2020-220 I.R.C. Â§ 162 I.R.C. Â§ 280A Rev. Rul. 2004-32, 2004-12 IRB 621 Prop Reg Â§ 1.280A-2. Deductibility of expenses attributable to business use of a dwelling unit used as a residence. I.R.C. Â§ 162 Trade or business expenses states there shall be allowed to deduce all the ordinary and necessary fees paid or incurred during the taxable year in carrying on a trade or business. There is an allowance for salaries, other compensations, traveling expenses, rentals, and additional payments made as a condition to the continued use or possession of the property with stipulations. The I.R.S. allows eligible taxpayers the ability to deduct certain home office expenses. I.R. News Release states the home office deduction is available to qualifying self-employed taxpayers, independent contractors, and those working in the gig economy. A taxpayer qualifies for the home office deduction if they use a portion of the home exclusively for conducting business regularly. Also, the home must be the taxpayer's principal place of business. Furthermore, the taxpayer must use part of the home in the following w. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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