Tag Archive: "home office deduction"
Beginning this year, a taxpayer is allowed to use a simplified home office deduction. In years past, a taxpayer was required to calculate this deduction based upon the office square footage divided by the home’s total square footage. This percentage was then multiplied against the following items: Interest Real estate taxes Insurance Repairs Other home […]
Many farmers and other small business owners operate their business out of their home. The tax laws allow a deduction for part of the expenses related to the home such as insurance, utilities and repairs based upon the square footage of the business portion to the total home size. For example, if the farmer uses […]