Some people who retire from a job start a consulting business using the knowledge and business contacts they’ve acquired. Often, this business is conducted from home with the use of a computer. However, in order to deduct the cost of this item, it must be substantiated. It is presumed to be used for business if there is a regular business establishment, including a portion of a home used exclusively on a regular basis for business (i.e., the space meets home office deduction standards). But in one case, a consultant couldn’t show he used any part of his home exclusively for business, so the cost of his laptop was not deductible. #IdeaoftheDay