Find out which expenses are tax deductible when working from home with help from TurboTax in this video on tax tips.
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Hello, I'm Sara from TurboTax with important news for tax payers who work from home. Not only does working from home provide you more freedom, it may also save you some money on your taxes this year.
There are a wide range of deductions you may qualify for that are generally not available to most tax payers who go to work for an employer every morning. The most significant tax savings usually comes from the home office deduction. This allows you to deduct some of your personal housing expenses such as your rent, utilities, cleaning service and repairs. However, working from your couch is not sufficient. You must designate a space in your home to be used exclusively for work. Even if you use the area for no other purpose, you must use it regularly as your main place of business to qualify.
You can still qualify for the deduction even if you're an employee, but if your employer offers you work space outside of your home, this is enough to make you ineligible for the deduction. If you are eligible for the home office deduction, then most likely you are eligible for additional deductions. This can include any supplies or computer equipment you need to work, the cost of using your personal vehicle for work purposes and even the interest you pay to finance the purchase of your supplies and other business expenses.