remodel estimates, contractors, kitchen, bathroom
remodeling costs, contractors, free price quotes, real estate
cost calculator, room addition, bedroom, building materials
remodeling costs, contractors, free price quotes, real estate

Tip #306: Take a tax deduction for your addition, remodel or improvement if you use the new area as a home office

If the purpose of your remodel or addition is to create a home office that will be used exclusively for business purposes and you are self-employed, you will be able to take a tax deduction for the remodeling or construction over a period of years. You will also be able to deduct as a business expense a prorated portion of your utility bills each year as business expenses. If, for example, your home office is the equivalent of 1/8 the total size of your home, you can deduct 1/8 of your electric, gas, water/sewer, and trash collection bills. Keep all receipts for your remodel or addition, as well as all equipment you will use exclusively in your home office. Tax laws change with some frequency, so check the instruction booklet to determine how to deduct for construction and utility expenses.

If you found this tip helpful, you might also want to read this:
Calculator, Office room addition
Plan ahead - put in extra phone lines, ethernet, cable TV, etc.
If you need to create an additional room for a limited period of time, install temporary walls or sound-proofed partitions that can be removed easily when the time comes


 

Return to Top  Return to Top
money saving tips, design, architect, plans, blueprints   Contact Us  |  free, discount, forum, landscaping, Dan Fritschen Privacy Policy  |  Bookmark this site
       handmade
financing, home equity, renovation, house painting, family room

Home |  Money Saving tips  |  Remodel Cost estimates |  About us |  Forum |  Site map

los angeles web design companies outsourcing cold fusion programming