If home is where the heart of your business is, you have two options for deducting home office expenses. The first is the simplified option: a standard deduction of $5 per square foot of home space, up to 300 square feet, used exclusively for business.
The second is the regular method, which allows deductions for a variety of substantiated expenses such as depreciation, mortgage interest, rent, insurance and utilities.This requires calculating the percentage of your home space used exclusively for business.
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