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.
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.
The rules require that you use your home office on an exclusive and regular basis for business purposes. While you’re not required to have a separate room, any personal or family use of your work area is a disqualifier.
At H2R CPA, we are pleased to assist clients with determining the appropriate tax deductions for their unique business situations. Contact us at 412-391-2920 or firstname.lastname@example.org for more information.