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TaxTip about Saving Money Using Your Home Office Deduction

Posted at Tips from T-ReX by T-ReX Global

May. 7, 2008

Categorized in: TaxTips

Tagged with: deduction, real estate professionals, taxtips

Starred by: 1 Member

I know a lot of you use a home office for your business, so I hope this tip is useful for you...

If you used a portion of your home exclusively and on a regular basis as your principal place of business, then the expenses for your home office are considered deductible.

Even if you store things in your garage for your business, that may be considered a deductible storage space.

You can deduct a portion of your utilities, real estate taxes, mortgage interest, rent, insurance, repairs, depreciation, and any other expense related to your home.

The percentage of deductible expense is determined by the total square footage of your home office in relation to the size of the entire building.