Should You Claim the Home Office Deduction?

​It can reduce your income tax obligation, but be sure you understand the IRS’s rules.

One of the many ways the internet has changed business over the last two decades is the increasing numbers of part-time entrepreneurs. Simple do-it-yourself website design tools have made it possible for anyone to create a virtual storefront that looks impressive -- even if its CEO is working out of his or her spare bedroom.

At the same time -- whether it’s good or bad -- business people have found it easier to do office work at home.

If you’re in one of these two situations, you may be able to take the Home Office Deduction on your IRS Form 1040. There are two primary requirements:  [MORE] . . .