by H2R CPA Team
Did you know…?
There is a simple way to deduct your home office on your tax return without having to make the complex calculations, allocations, and substantiation of expenses otherwise required.
Home office deductions are available to both self-employed taxpayers and employees. It’s important to evaluate whether your home office qualifies for a tax deduction. The home office deduction provides an opportunity to claim expenses such as utilities, repairs, and insurance — whether you rent or own your home.
Taxpayers who qualify may use a simplified deduction calculated at $5 a square foot for up to 300 square feet of an area in a home that is used regularly and exclusively for business. The deduction is capped at $1,500 a year.
by H2R CPA Team
Let us help you understand the tax code with the H2R CPA Tax Pocket Guide 2017, which provides a concise chart of the most common tax rates for individuals and businesses. This tax guide is an excellent resource that will help you estimate your 2016 taxes.
H2R CPA is always here to answer your tax questions, provide tax planning advice, and keep you informed of any new tax legislation that may impact either your personal or your business situation.
Here’s to a successful 2016!
Contact H2R CPA at 412-391-2920 or firstname.lastname@example.org if we can be of assistance.
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