How can I deduct home office expenses on my taxes?
An example of an AI chatbot conversation about tax deductions for home businesses.
How can I deduct home office expenses on my taxes?
You can deduct expenses related to your home office if it's used exclusively for business. This includes a portion of your rent, utilities, and internet.
What if I use a room for both personal and business purposes?
If the room is used for both, you can only deduct the percentage of expenses that corresponds to the space used for business.
Are there specific forms I need to fill out?
Yes, you'll typically use Form 8829 to report your home office expenses when filing your taxes.
Can I deduct my home office if I'm an employee working from home?
Yes, but the rules are different. You can only deduct expenses if your employer does not reimburse you and if you meet certain criteria.
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