Expenses That Are Tax Deductible When Working From Home – TurboTax Tax Tip Video
https://turbotax.intuit.com Expenses That Are Tax Deductible When Working From Home – If you work from home, you may be entitled to some normally unavailable tax breaks. Your biggest savings will probably come from the home office deduction. This allows you to deduct some of your housing expenses, like your rent, utilities, cleaning service and repairs. Learn more about tax deductions for expenses when working at home in this tax tip video from TurboTax.
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Hi, I’m Amir from TurboTax with some helpful information about tax deductible expenses when working from home.
If you do work from home, you may be entitled to some normally unavailable tax breaks.
Your biggest savings will probably come from the home office deduction. This allows you to deduct some of your housing expenses, like your rent, utilities, cleaning service and repairs.
You’ll need to have a designated space in your home which is used exclusively for work, and that space must be your main place of business.
Not self-employed? You can still qualify for the deduction. However, you won’t be eligible if your employer offers you work space outside of your home.
If you’re eligible for the home office deduction, then most likely you’re eligible for additional deductions. This can include any supplies or computer equipment you need to work, the cost of using your personal vehicle for work purposes and even the interest you pay to finance the purchase of supplies and other business expenses.
For more information about this and other tax topics, visit TurboTax.com.
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