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Terre Haute, IN 47803-1517
There are many expenses that you can deduct from your taxes if you use your home for business use. There are many methods you can use, including the simplified method, which
is a standard deduction of $5 for every square foot of your home and comes with other details. There is also the regular method, where the actual expense is determined for a percentage
of the home.
Both methods can be used, but once a method is chosen,
it cannot be changed for the same year. The regular method requires detailed record keeping, and the home office deduction under the simplified option is limited to $1,500.
If you have any question about the tax code for individuals, give us a call. You can also check in with this page on a regular basis for more tax news and tips.
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