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Many taxpayers maintain an office in their home used in connection with their business or profession.
One of the provisions included in the Taxpayer Relief Act of 1997 will make claiming the home office deduction much easier for these taxpayers.
To qualify as a home office, a portion of the home must be used regularly and exclusively as the taxpayer’s principal place of business. According to the IRS, regular use means use on a continual basis and exclusive use means only for business. No deduction will be allowed if the home office is used for any nonbusiness purpose for as little as one day during the year.
If the regular and exclusive use criteria are both met, the next step is to determine whether the home office qualifies as the taxpayer’s principal place of business. Currently, the guidelines are quite stringent. To qualify, the taxpayer must perform the income-producing activity within the home office.
Unless the taxpayer meets with customers, clients, or patients at the homt < ffice on a regular basis, no deduction will generally be allowed.
Effective January 1, 1999, many more people will be eligible to claim the home office deduction. A provision in the Taxpayer Relief Act of 1997 expands the guidelines for determining whether a home office qualifies as a taxpayer’s principal place of business to
96.3%