Deduct a Home Office

Physician's Money DigestJanuary31 2004
Volume 11
Issue 2

Many physicians, leery of waving ared flag in the direction of the IRS, routinelyfail to deduct the cost of maintaininga home office, even when it's legitimateto do so. Here's how to tell if theoffice in your home qualifies for thededuction. First, it must be used "regularlyand exclusively" for business. Basically,that means you need to show that theoffice is not just for occasional use anddoesn't double as a storage area or aspare bedroom when you're not workingin it. The second test, business use, is a bittougher. Most doctors don't use a homeoffice for income-generating activities,but if you use it for most of your administrativetasks, like billing and scheduling,you may be able to meet the deductionrequirements. Check with your tax professionalfor more help.

Related Videos
© 2024 MJH Life Sciences

All rights reserved.