The area of a home also utilized as a business' primary office. Business-related expenses incurred from the home office may be tax deductible if the business owners spends over half of his or her time working from there.
Also may refer to the headquarters of a business from which policy is established and management functions performed.
Definition from Nolo’s Plain-English Law Dictionary
The portion of a taxpayers home in which he or she carries on a business activity. If the home office meets certain IRS tests, the taxpayer may take a tax deduction for expenses related to the business portion of the home, such as rent paid and utilities.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:17 pm