Tax Hacks 2016: Do You Qualify for a Home Office Deduction?

It’s a new year. In coming weeks you will receive paperwork documenting your 2015 income, as well as paperwork from those who paid you interest and from those you paid. You’ve also hopefully corralled your receipts to document your deductions.

But before you sit down to take care of business, there’s a potential deduction that can slash your tax bill: the home office deduction. According to the IRS, “In tax year 2012, the most recent year for which figures are available, nearly 3.4 million taxpayers claimed deductions of more than $10 billion for business use of a home.”

Want to be one of them this Tax Day? Here’s what you need to know:

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