![]() Note: The more complex option may take up more of your time, but if you’ve kept accurate records, you will likely receive a higher deduction going that route. Or you can follow the more complex regular method, which requires you to determine the actual expenses of your home office, including mortgage interest, insurance, utilities, repairs, and depreciation based on the percentage of your home devoted to business use. To calculate your deduction, you have two options: You can go the simpler route and multiply a prescribed rate by the allowable square footage of the office to come up with the deduction. ![]() If you use a portion of your home regularly and exclusively for work purposes and your home is the principal place that you conduct your business, you can deduct the expense. Make sure you don’t leave money on the table this tax season by taking advantage of these top tax write-offs: Home Office And as a small-business owner, you can use all the relief you can get. With each tax deduction you take, you reduce your overall tax burden.
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