Self-employed individuals and small business owners, rejoice! The home office deduction could be your ticket to significant tax savings.
Your workspace must be used "regularly and exclusively" for business. That kitchen table office? Sorry, it doesn't count!
Choose your path: Simple $5/sq ft up to 300 sq ft, or track actual expenses for potentially bigger savings.
From mortgage interest to utilities, your home office expenses could slash your tax bill. Even depreciation is on the table!
Special rules apply to you. Time-based calculations could mean more deductions in your pocket.