Save Taxes by Claiming a Home Office Deduction
According to the IRS, the majority of American taxpayers working from home do not claim a home office deduction even though they're entitled to it. This is because they are unfamiliar with the rules governing the deduction and they are wary of its record-keeping requirements. They are also afraid of being audited by the IRS, which commonly scrutinizes taxpayers claiming the deduction in order to deter underreporting of income by small businesses. However, as long as you are following the rules, your home office deduction should not give you any reason for concern of an IRS audit.Filed Under Earned Income Tax Credit |
Tagged With Earned Income Tax Credit, EITC
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