Due to a heavy case-load this week and with Thanksgiving tomorrow, this post will be more information than analysis, but hopefully useful for those looking for information on deductible business expenses.

One might initially think it unfortunate that a comprehensive list detailing all the potential deductible expenses does not exist. Keep in mind, however, that businesses vary, so business expenses will vary as well. The truth is that not having such a list is actually a good thing because it gives businesses more flexibility in deducting expenses. The key for businesses lies in justifying their particular “ordinary” and “necessary” expenses.

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For this week’s post, I would like to share some basic information on qualifying a home office as the principal place of business. The advantage to doing this comes in the form of allowable tax deductions for business use of the home. Before I begin, please note that there are other ways to qualify for business use of the home deductions, such as storing inventory or using the home as a day care facility, but I want limit the scope of this post to how the vast majority of eligible taxpayers might qualify their home office as a principal place of business.