Home Office Tax Breaks

Ideas on how to put your business to work for you.

May 24, 2001

Working at home can grant you a break on your income taxes. Hereare 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 homeloan interest if you have a mortgage.
Cleaning costs for your home office, both labor andsupplies
A portion of your real estate taxes and interest cost"above the line" (that is, before payroll taxes arecalculated)
Some depreciation for the office part of your home
Utility costs and trash collection fees you can attribute toyour home office
Maintenance and repair of your home office, includingpainting
Household furniture you converted or purchased for use in yourhome office.

Excerpted from Start Your Own Business: The Only Start-Up GuideYou'll Ever Need

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