Home Office Deduction Calculators
For more details on Home Office Tax Deductions, make sure to refer to our guide depending on your country:
The simplified method allows you to claim a standard deduction based on the square footage of your home office.
Simplified Deduction Calculator
Actual Expense Method
With the actual expense method, you can claim a deduction based on the percentage of your home used for business purposes. You’ll need to calculate this percentage by dividing the square footage of your home office by the total square footage of your home. Then, you can apply this percentage to eligible expenses, such as rent, utilities, and office supplies. This method often results in a larger deduction, but it requires more detailed record-keeping.
Examples of Deductible Expenses
When using the actual expense method, some deductible expenses include:
- Rent or mortgage interest
- Property taxes
- Utilities (e.g., electricity, gas, water)
- Office-specific repairs and maintenance
- Depreciation of the home office portion of the property
Remember to keep accurate records of all these expenses to support your deduction claims.