![]() ![]() There are two primary options for home office deductions: simplified and standard.Paint and other building and improvement materials.Though it doesn’t need to be in a separate room, your office must be in a space solely designated to work and business operations.You can divide the office square footage by the total square footage of your home to find the percentage. Based on what percentage of your home you use for business.If you use a home office, you might be able to deduct the costs of creating and maintaining your workspace. Many small-business owners-especially contractors and freelancers-work from a home office. Vehicles used as equipment-such as dump trucks-and vehicles used for hire, like taxis and airport shuttle vans, do not qualify. If you use the vehicle for both business and personal purposes, you must split the costs based on mileage.If you want to deduct vehicle expenses, you’ll need to keep meticulous records. Business vehicles are cars and trucks that are used for business activities.This means you’ll need to keep track of your mileage outside if your car is used for both business and personal use.įor the 2022 tax year, the optional standard mileage rate used to deduct the costs of operating a business vehicle is 58.5 cents per mile. ![]() If you use your vehicle for business purposes, you can deduct the associated costs. Exorbitant prices for extravagant meals likely won’t qualify as a deductible business expense.
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