Can I Deduct Home Office Expenses on my Taxes as a Home-Based Business Owner?

Yes, as a home-based business owner, you may be eligible to deduct home office expenses on your taxes. However, there are specific criteria that must be met. The area of your home used for business must be exclusively and regularly used for business activities. It should be your principal place of business or where you meet clients or customers. Eligible expenses may include a portion of your rent or mortgage, utilities, home insurance, and maintenance costs. It’s important to consult with a tax professional or review the IRS guidelines to ensure you meet all the requirements for claiming home office deductions.

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