Home Office Deduction: What You Need to Know
It’s becoming more common for people to work from home. From freelancers to employees who work remotely, the convenience and cost-effectiveness of it is a big pull away from the traditional office. A large number of small businesses also start at home.
If you’re self-employed and among this group, you may be eligible for a home office tax deduction for your home office expenses. Many people are unsure of how to go about it or are afraid to apply, but a tax break can provide significant relief to cash flow and should be taken advantage of.
Here’s a simplified home office deduction guide for small businesses who are considering it.