Home Office Tax Deduction Calculator

Do you work from home? Whether you have a home-based business or just have a dedicated office in your house, you may be able to take a tax deduction for it.

The deduction includes a percentage of expenses related to the house such as utilities and mortgage interest. But, in order to take it you’ll need to document that a portion of the house is exclusively used for business purposes.

It’s best to consult a tax professional about the home office deduction. However, this handy calculator in The Business Owner’s Toolkit can give you a rough idea of how much you may be able to deduct based on your business earnings, the value of your home, and your yearly house-related expenses. Then decide whether its worth it to get your accountant working on the deduction.

While you’re there, you may want to check out some of the other calculators in the Toolkit. Click the “small business” tab, then drill down through the categories to find additional calculators.