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    January 31, 2008
    Tax Deductions for Your Home Office

    134126010th
    It’s tax season again. And that means it is time for you to start getting organized, gathering your receipts and figuring up how much you made — as well as figuring out your deductions. Here are some common tax deductions for your home office:

    *Supplies used by your home business
    *Depreciation on your computer
    *Internet use (what percent used for your home business)
    *Mortgage or rent payment (percent of space used for home office)
    *Utilities (based on percent used for home office)
    *Cell phone use for your home business
    *Cost of magazines and trade publications you use to improve your home business

    It is important to note that these are items that must be used for your home office only. If you have questions, you can look on the IRS Web site, or contact your tax preparer.

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