23 Things You Can Deduct When You Work From Home 

tax deductions forms

 

From nav, Kalis Gledis offers a list of 23 possible tax deductions if you work from hom.  Kalis suggests:

1. A Portion of Rent or Mortgage Payments

Instead of itemizing each expense, remote workers can claim a simplified home office deduction that is $5 per sq. ft. up to 300 sq. ft. Be sure this office is used for business and nothing else. The standard method is to keep careful records and receipts of all deductions.

2. The Same Portion of Utilities

A percentage of home utilities, such as electricity, water and heating bills, can be deducted in the same proportion as the size of the home office.

3. The Same Portion of Homeowners Insurance Premiums

This applies only if the business qualifies for a home office deduction.

4. Mileage Expense

The self-employed can deduct 54 cents per mile for business travel in 2016. Employed remote workers can deduct the portion of this expense not paid by the employer.

5. Parking & Tolls

The price of parking and tolls are only covered for specific business trips to meet with clients or prospects.

Read the full story at 23 Things You Can Deduct When You Work From Home | Nav

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