If you're paying a mortgage interest for your house, a part of this mortgage (equivalent to the space percentage of your home office) is also tax deductable for your business. The same calculation applies toward the property tax and rent payment. And if you're paying home owner's insurance, you can also deduct some percentage equivalent to your home office from your gross income
Utility and Transportation Expense
Although you can't charge your home's entire utility expenses, you're still entitled for utility expense deductions for your home office: business calls, light, water, cleaning, etc. If you commute from your home office to meet a client or do business, you're also entitled for mileage deductions. Keeping a log of your mileage and some proof of meetings are necessary for this purpose..
Although you can't charge your home's entire utility expenses, you're still entitled for utility expense deductions for your home office: business calls, light, water, cleaning, etc. If you commute from your home office to meet a client or do business, you're also entitled for mileage deductions. Keeping a log of your mileage and some proof of meetings are necessary for this purpose..
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