Home Office Deduction
Definition
A US deduction for the business use of part of a home, available to qualifying self-employed taxpayers using either a simplified square-footage method or actual expenses, subject to exclusive-use rules.
Related Terms in US Tax
Employer Identification Number (EIN)
A federal tax identification number the IRS issues to US businesses for filing returns, hiring employees and opening bank accounts. It functions like a Social Security number for a business.
Form 7004
The US form a business files to request an automatic extension of time to file certain business income-tax returns. It extends the filing deadline but not the time to pay any tax owed.
Form 4562
The US form used to claim depreciation and amortization, including the Section 179 expense election and bonus depreciation, for assets placed in service during the year.
FinCEN Beneficial Ownership (BOI) Report
A US filing requiring many companies to report information about their beneficial owners to FinCEN. Scope, deadlines and applicability have been subject to change and should be confirmed against current guidance.
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