IRS Home Office Deduction
Am I eligible?
*Are you the owner of a small business?
*Are you an entrepreneur / independent consultant / self-employed?
*Do you use a part of your home to conduct work?
If you answered yes to any of these questions, then you may be able to deduct expenses like mortgage interest, insurance, utilities, repairs and depreciation for the home office when filing taxes.The deduction can be applied to homeowners and to those who rent as well.
The IRS has a method to calculate the amount of the deduction to be made and it can be found here
Stay tuned for more tax tips!