Who can claim the home business tax deduction?
You can only claim business-use-of-home expenses if your home is your principal place of business, or you use the work space in your home only to earn your business income and use it regularly to meet with clients, customers or patients. So you can’t claim business-use-of-home expenses if you are conducting business somewhere else as well, or because you sometimes work on business matters at home. How to claim the home business tax deduction? If you meet the CRA requirements, you’re ready to calculate your business-use-of-home expenses. Because you’re doing business where you live, your expenses will be a percentage of your home expenses. It’s easiest to calculate if you have a specific room set aside for business purposes, such as a home office. Then it’s a simple matter to take the area of your work space and divide it by the total area of your house. For instance, suppose you have a home office that is 10 by 10 feet in a house that’s 1800 square feet. Then your calculation of allowa
