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Form 8829 online Mecklenburg North Carolina: What You Should Know
If you have a business, you must submit Form 8829, Employer's Self-Employed Business Expenses, for business use of your home. However, if you are self-employed, you will have no deduction for self-employment-related expenses. The following is a list of items you may deduct for business use of your home during the tax year, unless you choose to report such expenses on Your Federal Income Tax Return: Rent or mortgage payments for a home office. Rent or utility payments for your home if you maintain it in your own name and have sole or joint responsibility for paying the bills. If you are responsible for more than one person's use of the home, only one deduction is allowed. For more information, see Deductions Under the Tax Deduction for Home Office Use, later. Deduction Limits for Business Use of Your Home You may deduct the following expenses only if the purpose is business: Your regular, everyday expenses. This includes your mortgage, rent, car, electricity, phone, water, phone, Internet service, and other general home-use expenses. (If you rent out the space or your primary residence, those expenses are not deductible.) Rent or mortgage payments for a home office if the use is personal and no part of your business activities: Renting or leasing premises, equipment, or property to any person for the time being solely for business activities. Paying a contractor, subcontractor, or employee to furnish services or to supply materials. Reporting Home Office Expenses If you use your home for personal reasons, you must make these deductions on Schedule C: Rent or payments for utility payments for your home. Deduction is limited. There are limits on the amount of such home-use expenses you may deduct. The limits are equal to 40% of your adjusted gross income for the year. Rent or payments for mortgage payments for your home. Mortgage payments for any part of your home that is available or used for business purposes. Reporting Business Use of Your Home Expenses Each year, you must report on Schedule C all expenses required to be reported. If you are responsible for more than one person's use of your home, only one deduction is allowed for the aggregate value of home-use expenses. If you report business-use expenses on this line, you must allocate the money to the people for whom you use the space.
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