Many home-based employees are eligible for tax deductions, so you should check with your accountant to see if you qualify. Another source of information to see if you qualify is the IRS website.
- IRS Website Info for Home Office Tax Deduction: http://www.irs.gov/
uac/Work-at-Home%3F-You-May- Qualify-for-the-Home-Office- Deduction
- IRS Publication 587, Business Use of Home Online Guide: http://www.irs.gov/
- Form 5889 Instructions, Expenses for Business Use of Home: http://www.irs.gov/pub/
- IRS YouTube Channel, Work From Home Tax Deduction Video: http://www.youtube.com/
If you are eligible for a home office deduction, according to the guidelines of the IRS then you may be able to deduct all or a portion of these expenses related to your home office including:
- A portion of mortgage or lease expenses.
- A portion of utility or tax expenses.
- Office equipment including:
- Computer and/or fax.
- Office furniture.
- Office supplies.
Always keep your receipts! And remember to check with an accountant or the IRS to verify what currently qualifies for a deduction as well as the manner in which to claim the deductions.