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The IRS allows self-employed individuals (including freelancers) and business owners to claim certain business-related expenses — like property taxes, rent, maintenance or utilities — on their ...
Home office-related deductions are based on the percentage of your home that you use for business. If you meet IRS guidelines, you can deduct the following home-related expenses: Homeowners insurance.
First off, the home office deduction is available to self-employed taxpayers, independent contractors and those working in the gig economy, according to the Internal Revenue Service (IRS).
The IRS lays out the rules for deducting home office costs in Publication 587. There's a … Continue reading ->The post All About the Home Office Tax Deduction appeared first on SmartAsset Blog.
You may be able to take a tax break for your home office expenses, but you need to follow some strict rules. There's a lot of confusion around the home office deduction because many remote workers ...
Here’s how to calculate your home office deduction using the simplified option: 250 x 5 = $1,250 for the year. ... Complete the required tax forms: File IRS Form 1040, ...
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