If you will show a profit this year in your business, then you can qualify for a home office deduction when figuring your taxes. Many business owners have someone else doing their taxes for them, but if you hare doing them yourself, then this Home Office Expense Worksheet will help you figure out how much you can deduct from your profit.
Here are the steps involved.
- Calculate the total number of square feet in your home.
- Calculate the total number of square feet used for your business (length x width)
- Divide the square feet for the business space by the total home square feet.
- List the total you spent on mortgage interest
- Calculate your total utilities for the year.
- Calculate the total real estate taxes and insurance
- Add those 3 things together
- Multiply that total by the percentage of your home used for business.
- Add maintenance and repairs spent on the business portion of your home.
- Add the depreciation on the business portion of your home (using the MACRS 39 year method).
- Find the total allowable home office expense deduction for your taxes.
And the uncontested winner of ListPlanIt‘s Magnetic Grocery List Notepad is. . . Kristi!
Each weekday in February, ListPlanIt.com is spotlighting an area of life that might benefit from the hundreds of lists and planning pages available through membership, ePlanners, and more, and giving you a chance to win!
Today, 2 people will be receiving the Business ePlanner, with lots of pages to help you track some of the priorities from above. All of our ePlanners are downloable bundles that can be viewed, typed into, printed, and stored neatly on your computer
Here are a list of the ways to enter each giveaway, each day.
- leave a comment on this post,
- tell your friends & followers about today’s giveaway on Facebook or Twitter (so easy to do when you use the Share This button at the bottom of this post) and leave a comment here linking to your profile,
- subscribe to ListPlanIt’s RSS feed using a reader or by email and leave a comment here,blog about this giveaway and
- then leave a comment here linking to your post.
One of each of these per day please. Come back tomorrow to see who won and to see what else we are giving away.
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