How can I calculate my tax deductions?

How can I calculate my tax deductions?

To calculate your tax deductions, you'll need to gather your eligible expenses and income information. What specific deductions are you interested in?

I'm looking for information on home office deductions.

For home office deductions, you can deduct a portion of your home expenses, like rent or utilities, based on the size of your office. Do you have a dedicated space for your home office?

Yes, I have a room that I use exclusively for work.

Great! You can calculate the deduction by determining the square footage of your office compared to your home. Would you like help with that calculation?

Yes, please! My home is 2000 square feet and my office is 300 square feet.

To find your deduction, divide your office size by your home size: 300/2000 = 0.15. You can deduct 15% of your eligible home expenses.