Home Office Tax Deductions – SAI CPA Services
If you work from home, you may be eligible for valuable home office tax deductions that can reduce your taxable income. Understanding the rules and requirements can help you maximize your savings . What Qualifies as a Home Office? To claim this deduction, your workspace must: ✔ Be used exclusively and regularly for business. ✔ Serve as your principal place of business or be a separate structure used solely for work. What Expenses Can You Deduct? 🏠 Mortgage Interest & Rent – Deduct a portion based on office space usage. 💡 Utilities & Maintenance – Electricity, water, gas, and repairs can be partially written off. 📉 Depreciation – Claim the loss in value of your home office over time. Simplified Deduction Option For easier calculations, the IRS allows a simplified method : ✔ $5 per square foot of home office space, up to 300 square feet . ✔ Less record-keeping compared to th...