Do you own your office building or condominium? Do you own other rental properties or hold real estate for sale? Do you practice out of your home, or handle the vast majority of your practice administrative and management duties from your home office? Have you sold your practice and are working back for the buyer as an independent contractor?
If you answered “yes” to any of these questions you’re likely entitled to a substantial home office tax deduction under Section 280A. Yet, it’s a deduction you’re probably overlooking! Under the law, you’re allowed a home office deduction if you use a portion of your home regularly and exclusively either as the principal place of business for any business, or to conduct the vast majority of administrative or management activities
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