Are you aware of the tax deductions you are able to take advantage of when working from home?
It’s important to consult with a tax professional for advice tailored to your specific situation. Here are some potential deductions you might consider:
- Home Office Deduction: If you use a portion of your home exclusively for business, you may be eligible for a home office deduction. This can include a percentage of your rent or mortgage, utilities, and home maintenance costs.
- Internet and Phone Expenses: If you use the internet and phone for work purposes, you may be able to deduct a portion of these expenses.
- Business Equipment and Supplies: The cost of business-related equipment, such as a computer or printer, and supplies used for work may be deductible.
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