Home Office Deductions

If you use a home office for your business, you may be able to deduct a portion of your house expense against your business income. To qualify for home office deductions, your office must be your principal place of business, and it must be exclusively used for business purposes.

If you want to deduct the costs of your home office, you have two options:

The simplified method calculates the tax deduction at $5 per square foot of business space (up to 300 square feet).

The standard method involves tracking the actual business expenses for maintaining your home and multiplying those expenses by the percentage of the home used for business.

Visit the IRS website for more information:  https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction