What can I write off tax-wise by working remotely from my home office?
I started a new job May 1st where I work from my home office. I'm a Sales Director and my corp office is in Phoenix. My company already pays for my landline phone and high speed internet service. I am being told that I can write off part of my mortgage as well as my utility bills. Other than telling me to talk to an accountant I am looking for some quick answers. Thanks! And yes... my company expects me to maintain my home office so it's not a personal choice but a corporate one. I am using one of my bedrooms exclusively as an office and I work 8-10 hours a day in this space. My taxes are professionally done so I am sure I will get my answers tax time. I just wanted to get a heads up on some of the stuff I could write off.
Asked By: Emily B - 8/13/2007
Best Answer - Chosen by Asker
Is your company requiring you to maintain a home office? If so then yes you can write off part of your house expenses. What you can write off is the % that your home office is in relation to your entire house. If your home office is 10% of your whole house, then you can write off 10% of your house expenses. The only... More
Answered By: PepsiLime - 8/13/2007
Additional Answers (6)
If you use a specific area of your home regularly and exclusively for business, you can probably write off quite a bit - see http://www.irs.gov/newsroom/article/0,,id=108138,00.html and the various links from that page.
Answered By: Judy - 8/13/2007
I am not sure how a work from home job compares to a Home Based Business, but I was able to write off my Cell Phone, Phone line, pens, paper, ink for printer, partial mortgage, partial utilities, internet, etc... All things for my Home based business... More
Answered By: Kryp2knight - 8/13/2007
Your mortgage is already deductible. It makes no sense to allocate some of it to the home office... More
Answered By: Wayne Z - 8/13/2007
You may be able to take a deduction for a home office IF it's required by your employer and for your employer's convenience, not yours. Generally if you're REQUIRED to telecommute then it's deductible. But if you're only ALLOWED to telecommute for your own convenience and at your discretion it is not allowed... More
Answered By: bostonianinmo - 8/13/2007
PepsiLime is very correct on this. Here's what I was told when completing my Form 2106... More
Answered By: upside down - 8/13/2007
TRUST ME YOU CAN WRITE OFF MORE THAN JUST YOUR PHONE, AND INTERNET. UTILITIES YES. AND ALSO DEPENDING ON THE SQUARE FOOT OF YOUR HOME OFFICE, YOU CAN WRITE THAT OFF ALSO. IF YOU DRIVE BACK AND FORTH YOU CAN WRITE OFF MILEAGE. IF YOU BOUGHT A COMPUTER, PENCILS, ETC. FOR DOING BUSINESS AT HOME YOU CAN WRITE THAT OFF... More
Answered By: Tamira - 8/13/2007
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