Working from home is becoming more common, especially for people who are self-employed. If you own a home and are self-employed, do you have a home office? Should you?
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. We are available to help you determine what deductions are available to you, as well as help you evaluate if a dedicated office space in the home makes sense for you.
When you own the home where you conduct business, there are several expenses that may be at least partially deductible, like home insurance, property insurance and utilities. And don’t forget about home repairs! Experience has shown us people who prepare their own taxes often overlook home repairs as part of their home office deductions. With the home office, you may be entitled to take a portion of the entire home repairs as part of your deduction.
According to the IRS, “the home office deduction is available for homeowners and renters, and applies to all types of homes.” If you rent and work from home, we can also help you identify which home-related expenses you can deduct for your business. Call us at (913) 888-9100 to schedule an appointment today!
Richard Adams is a graduate of Benedictine College in Atchison, Kansas, with dual majors in Accounting and Business Administration. He is also a graduate of Wentworth Military Academy in Lexington, Missouri.