What can I deduct for my home office expenses?
As a general rule, you may be eligible to deduct a percentage of your home expenses for your home office space.
Expenses that may be partially deductible may include:
- mortgage interest or rent
- homeowner’s insurance
- property taxes
- utilities
- home repairs
- cleaning supplies
This is just a sampling of items that may be deductible. Since individual circumstances vary, we highly recommend scheduling some time with us to discuss your personal situation.
Remember also, no receipt = no deduction. Make sure to keep your receipts throughout the year to ease your tax preparation burdens.
How long do I need to keep my tax returns and records?
Contact our office and we can send you a “retention schedule”. This lists the documents and how long they need to be kept.
As a general rule, you should keep your taxes and all supporting documents for seven years. For business owners, however, we recommend you keep these documents permanently.
