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Four Places To Look For Tax Deductions In Your Home

Tax season is in full- swing. Have you already filed your return?
If not, in this re-blog from Diane, there are some good tips that may save you some money!
Paying your income taxes each year leave your wallet a bit thin? There may be money hiding in your home that lessens your tax burden. Here are four places to look:
1. Home-Office Deduction
If you work from home, you could qualify for a home-office deduction. Taking the deduction can be a bit complicated; so many people who qualify don't claim the exemption. An estimated 26 million Americans have home offices, but only 3.4 million claim them on their tax return.
Perhaps that's why the Internal Revenue Service attempted to simplify the process in 2013.
The write-off takes into account depreciation, utilities, insurance, the amount of square footage dedicated for office space, whether you host clients at your house and other factors.
Because the parameters involved in filing a home-office exemption are rather complicated, it's best to keep all business-related receipts, records of client meetings and other pertinent information to make things easier when you prepare your return.
2. Casualty Loss
Damage to your home from an act of God or ... more

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