Work From Home Tax Deductions – How Does It Work? How To Apply?

Work from home tax deductions help self-employed individuals lower their tax bills by reducing business-related expenses.

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Home office deductions are primarily available for self-employed individuals using their workspace exclusively for business.

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To qualify for work from home tax deductions, the office space must be used regularly and be the principal place of business.

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Two methods of deduction exist: the simplified method (up to $1,500) and the standard method (using Form 8829).

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Eligible individuals can calculate deductions using tax software, professional help, or the simplified method with IRS Form 8829, while keeping proper records is crucial in case of audits.

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