Home Office Tax Breaks
Ideas on how to put your business to work for you.
Working at home can grant you a break on your income taxes. Here are some of the items you may be able to deduct. (As always, consult with your accountant to make sure these apply to you.)
- A percentage of your rent if you lease or rent, or of your home loan interest if you have a mortgage.
- Cleaning costs for your home office, both labor and supplies
- A portion of your real estate taxes and interest cost "above the line" (that is, before payroll taxes are calculated)
- Some depreciation for the office part of your home
- Utility costs and trash collection fees you can attribute to your home office
- Maintenance and repair of your home office, including painting
- Household furniture you converted or purchased for use in your home office.
Excerpted from Start Your Own Business: The Only Start-Up Guide You'll Ever Need
