Speaking of taxes, do you work from home? You may be able to deduct your home office:
If you meet all the requirements to claim a home office, some of the expenses you can deduct include a portion of your real estate taxes, deductible mortgage interest, rent, utilities, insurance, depreciation, painting and repairs. The total amount you can deduct depends on the percentage of your home used for business. And your deduction will be limited if your income from your business is less than all your business expenses.
Self-employed taxpayers need Form 8829 to figure the home-office deduction. They then must report the amount on line 30 of Schedule C.
Employees can use the worksheet on page 24 of IRS Publication 587, Business Use of Your Home, to figure allowable expenses. The costs then are claimed as itemized deductions on Schedule A. The example on pages 18 and 19 of Publication 587 details how an employee would claim itemized home-office deductions.
via Work at Home Dad.
No comments yet.