Did you know that if you operate a business from your home, you may be eligible for the home office deduction?

To qualify for this deduction, you must have a specific place in your use that you regularly and exclusively use for your business. Your garage or outbuildings can qualify too - even if you’re just using them for inventory storage!

However, you can’t use it as a guest room, or play room, or school room when you’re not using it for your business.

If you meet these requirements, you may be able to deduct a portion of your mortgage interest, property, repairs, maintenance, depreciation, and utilities.

For more information about how this may specifically relate to your situation, please give me a call for a free 15 minute consultation before the year end so we can discuss tax planning opportunities for you!