What can I deduct as a home office deductions?
As of the latest tax laws, if you are self-employed, you can deduct expenses related to a home office if you meet the IRS requirements. The home office must be used exclusively and regularly for your business. Here are the key deductions you can claim: 1. **Direct Expenses**: Costs directly related to the home office, such as painting or repairs in the office space. 2. **Indirect Expenses**: A portion of expenses for maintaining your home, such as: - Mortgage interest or rent - Utilities (electricity, water, gas) - Homeowners insurance - Property taxes - Depreciation of the home - Home maintenance and repairs 3. **Office Supplies and Equipment**: Items like computers, printers, and office furniture. 4. **Internet and Phone**: If you use these services for business, you can deduct the business portion of these expenses. 5. **Simplified Option**: Instead of itemizing, you can use the simplified method, which allows a deduction of $5 per square foot of home office space, up to 300 square feet (maximum $1,500). Remember, employees are not eligible for home office deductions due to changes in the Tax Cuts and Jobs Act of 2017. Always maintain detailed records and receipts to substantiate your claims. Consult IRS Publication 587 for more detailed guidance.
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