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Get to know home office deduction

Hey! Hey! Hey, Did you know that the home office deduction allows you to deduct certain home expenses on your tax return?

If you work from home, you may claim a home office deduction when you file your 2023 tax return. This includes:

  • Mortgage interest

  • Insurance

  • Utilities

  • Repairs

  • Maintenance

  • Depreciation

  • Rent

You may choose one of two methods to calculate your home office expense deduction:

  1. Simplified option - has a rate of $5 a square foot for business use of the home with a maximum size of 300 square feet and a maximum deduction of $1,500.

  2. Regular method- deductions are based on the percentage of the home devoted to business use. You have to figure out the percentage of the home used for business activities to deduct indirect expenses. Direct expenses are deducted in full.

Does this apply to you?

Take advantage now and get those savings!

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