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Deducting the Home Office
By: Marvin Mitchell
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    Table of Contents:
  • Deducting the Home Office
  • Home Business Related...
  • Deducting all or...
  • Such advice is...
  • It's worth your...
  • The IRS Return...
  • In another, abusive...
  • Review your return...
  • What should a...
  • Also, for the...
  • Such necessary expenses...
  • Individuals who do...
  • Joan started an...
  • Plus, and this...
  • Record Keeping...
  • The law does...
  • In addition to...

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    Deducting the Home Office - What should a...

    (Page 9 of 17 )

    What should a person do if they have deducted home business
    expenses on a return that are actually non-deductible personal expenses?
    File an amended return. If the amended return results in additional tax owed, the
    taxpayer may also be subject to interest and penalties. However, amending a
    return may reduce the amount of penalties and interest eventually owed. For
    additional guidance on amending returns, seek the advice of a trusted tax

    What if the home business owner does not amend their return?
    If the return is audited, the possible penalties, interest, and legal costs associated with an abusive tax promotion can be significant. Criminal sanctions may also apply including: criminal penalties, imprisonment, and fines. This is in addition to the tax due and fees paid for the promotion. Contact a competent professional for help.

    Since this article is designed for people with a home based business, and not
    employees who work from their homes for the convenience of their employers
    (telecommuters), we will cover only a few important areas and not devote too
    much time to deductions for persons considered “employees”, based on the
    above classifications.

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