Do you work from home? You may qualify for the home office tax deduction, which allows you to
deduct a percentage of your home expenses if part of your home is used exclusively for business.
Expenses you can deduct include:
- Rent or mortgage interest
- Utilities (electricity, water, internet)
- Repairs and maintenance
How to calculate: If your home office takes up 10% of your home’s total square footage, you can
deduct 10% of these costs.
Tip: Keep detailed records of your expenses, including utility bills and property-related receipts.
This will help reduce your tax liability.
