Claiming a Home Office on Your Taxes

[jenf]

Just wondering how many of you claim a home office for tax purposes? I chose not to last year because I had just started and wasn't sure if I was in compliance. I have a call into an accountant to get more information. Just wondering what most of you do.

If you do claim a home office, what are the advantages and disadvantages?

 

[DebbieJ]

Yes I do. I do it because I like money and because I can.

 

[wadesgirl]

I was wondering that too because I only use my office for PC use (well that and storage. But I have an actual room where everything is set up for PC use. Otherwise this room wouldn't get used.

 

[DebbieJ]

It's based on sq footage of your office space in relation to the square footage of your home, then you can deduct the same percentage of your utility bills as well.That's about all I know cuz my DH figures it out for me.

 

[lacychef]

I do the same as Deb; a percentage of my utilities, phone, internet. Based on number of rooms in our house, our accountant figures the percentage. Love that we can do that!