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Meridian Idaho Form 8283: What You Should Know
You should know that the home office deduction is not allowed for all items: Books, records, stationary, computer system and software Cost of food and utilities Costs of a computer, printer, scanners, copiers and any other personal computer, mobile system, or equipment (e.g., telephone) Cost of room or board in a dormitory, apartment house or other boarding house or hotel Costs of parking at any place of business (except a parking garage) Costs of renting business space, including space located on a street, block, or similar private property In some cases, however, you may be eligible for the home office deduction. For example, you have a valid business reason for your home office, such as you rent space or rent a room at your office as a business expense. Here is an example: Your business rent a room for your company, you have some personal items that you need to have in your office, and you don't use your personal computer. Your employer reimbursed your company rental costs of a room in a private home as a deduction from their taxable income, and you report the deduction as a business expense on your income tax return. This deduction could be possible as the rental of your room was a business expense. You can even claim the allowable home office deduction if your employer reimbursed you for your personal expenses while you are on the clock at your employer. Example: Trial attorney, who has a legal office in a hotel room (room 6D), is a full-time employee. Trial attorneys are trained to perform legal work during the day and at night — they work from 9 to 5 7 days a week, except for weekends. Trial attorney receives 50,000 per year salary from the law firm. There are two expenses required to provide the legal services for the firm: his payroll and mortgage Income of trial attorney 60,000 (50,000 × 13.5% x 4.25 = 1,350) Home Expenses 1. Mortgage: 75,000 2. Payroll: 50,000 3. Property Tax: 14,000 4. Total: 96,500 5.
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