A Wellesley, MA Home Office Can Save Come Tax Time
Call Christine Norcross for more information – cell 781-929-4994 or to research the Boston neighborhoods, visit my Wellesley Real Estate or Newton Real Estate websites. Search for homes HERE.
A home office can save money come tax time. Working at home here and there may not qualify your work space as a home office however, and if you would like to write your home office off here are some things to keep in mind:
- First of all your home office has to be a designated space in your home that is used as an office and nothing else. To comply with IRS guidelines the space must bee used on a regular basis for your business.
- Home office utilities are deductible on a percentage basis. Determine what percentage of the total square feet of your home the office occupies and that percentage of your utilities can be written off.
- If two businesses operate out of the same home office only one can claim the deduction.
- You don’t have to work full time to claim the deduction if your part time work is out of your home office.
- Simply having a laptop that you move around does not count as working in a home office, there must be a designated space.
If you operate your business out of your home it is a great idea to be aware of the tax benefits involved with doing so. Often working out of the home can be somewhat invasive to a person’s home life, having tax benefits can help offset any inconvenience and be a real cost saver come tax time.
Click here to learn more about home office deductions from the IRS.
Read more information on Tax Deductions:
Tax Credit for Door and Window Replacement
Tax Benefits of Selling Wellesley, MA Real Estate
Tax Benefits For Wellesley, MA Homeowners
Call me if you want help with your home purchase. We have a team, Christine Norcross & Partners, at William Raveis and we can help you find your dream home in the Wellesley Real Estate market – Natick, Newton, Needham, Wellesley, Wayland, Weston and more.
Subscribe to my RSS feed!
Comments(0)