America is a country built on small businesses. While the big companies are the faces of the media, the real guts of our economy are the little guys pursuing the “American Dream” using the “extra bedroom”.
When claiming home office tax expenses, it is important to keep a receipt for each and every amount you are claiming. You can deduct the portion of your home used to operate your business and the expenses that are completely related to the business, such as desks, supplies, equipment and etc.
Note, however, if you are reimbursed by an employer for various home office expenses or if your employer provides an office for you, you cannot also claim those expenses as a tax deduction. No double dipping. Contact an expert for a consultation on what you can and should deduct or visit the IRS website for more information.
