If you use part of your home for business, you may be able to receive a deduction.
This deduction is available to homeowners and renters, and applies to all types of homes.
Until 2013, you used to have to allocate all the expenses of your home (mortgage interest, insurance, utilities, repairs, and depreciation)
As of January 1, 2013 you can use the simplified method. The deduction is $5 per square foot multiplied by the square footage of the room used exclusively for business. This deduction can not exceed 300 sq. ft. (i.e. $1,500)
If you have any questions related to this topic or any other questions please call us at 414-774-1031