Tax Season Bright Spot: Home-office Deductions
I’m a happy camper. According to my accountant I’ll be getting some decent money back for a change this tax season. Part of the reason for that is I’ve finally decided to itemize deductions for my home office.
If you manage a business at home either full time or after your full time job as an employee, and you use dedicated space in your home to manage your business, you might be able to deduct some of your home operating costs as a business expense.
This is a good issue to discuss with your accountant to verify your allowable deductions.
Kevin McGormally of Kiplinger.com reports in his tax tips column that in recent years taxpayers deducted more than $7-billion in home-office expenses.
In the 25% tax bracket those deductions would have saved $1.75-billion!
Who ever thought this liberal arts major would like tracking numbers so much!
Great reminder Sharon. This is why I always encourage home business owners to use a good tax accountant when they start their home business. Many don’t realize the tax benefits like the home office deduction.
By the way… I love the photo shot in your post. My desk is not quite so… clean!
Love your blog!
Uh…Annette that picture is in no way, shape, or form my desk! It is missing a few stacks of files, wicker baskets and assortment of very important Knick Knacks! God bless clip art.
Wishing my camera was working and I’d show you all my desk, I moved it into the living room and I”m quite proud that I am keeping it CLEAN for once
Maybe I can show you all soon.
Hey Alyssa – please post – I could use a real example for inspiration!