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Inc. Yourself, 11th Edition: How to Profit by Setting Up Your Own Corporation by Judith H. McQuown

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4Your Office: Home or Away?

If you have been renting an office as an individual proprietor, corporate status doesn’t mean much of a change: from the date of incorporation, you’ll be paying your rent and office expenses with company checks instead of personal checks, as you were doing when you were an individual proprietor.

If your office is at home, the Taxpayer Relief Act of 1997 greatly expanded the availability of the home-office deduction. Under this law, after 1998, a home office will qualify as the principal place of business if:

1. Your essential administrative and management activities are regularly conducted there.

2. Your home office is necessary because no other location is available.

Even if you do a substantial amount of work away ...

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