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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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Featured Biz Question

I read somewhere that there were recent changes to the Office-in-the-Home Deduction. Can anybody explain what those changes were exactly? Is this a good tax-write off for my home-based business? How does it work? Thanks!

Answer from our Guest Expert Peter Soh of AdviseInc.com

Dear Idea Cafe Schmoozer,

Thanks to our ever-growing technology, you're in good company as a home-based business. With all the conveniences of a computer, more and more people go to work without ever leaving their homes, while others use their spare room as biz headquarters. And thanks to The Taxpayer Relief Act of 1997, an increasing number of you work-at-homers may qualify for the home-office deduction this tax season.

According to the California Society of CPAs, if you use a portion of your home for business and your home office meets the IRS's requirements for claiming the home-office deduction, you may be able to deduct certain expenses, including rent or depreciation, mortgage interest, real estate taxes, maintenance, and utilities on this year's tax return.

Here's what you need to know about the home-office deduction. (continued)

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About the Expert

Peter C. Soh
Owner of AdviseInc.com
Peter is a savvy certified public accountant dedicated to helping startups. He is a small business advisor for the U.S. Small Business Administration and teaches "How to Start Your Business" seminars. more