What are some tips for maximizing my home office deduction?

What are some tips for maximizing my home office deduction?

To maximize your home office deduction, ensure your space is exclusively used for work, keep detailed records of expenses, and consider both direct and indirect costs.

What expenses can I include in my deduction?

You can include expenses like rent, utilities, internet, office supplies, and depreciation of your home if you own it.

Are there specific requirements I need to meet?

Yes, your home office must be used regularly and exclusively for business, and it should be your principal place of business.

How do I calculate the square footage of my home office?

Measure the square footage of your home office and divide it by the total square footage of your home to determine the percentage used for business.

Can I claim my home office deduction if I work part-time?

Yes, you can claim the deduction as long as you meet the requirements for exclusive and regular use, regardless of whether you work part-time or full-time.