"Do you primarily work from home? If you have a designated office at home, you might be able to claim the space as a tax deduction. There are two ways to claim a home office on your taxes: by calculating (and deducting) the percentage of home expenses directly related to your home office, or by calculating the square footage of your home office and deducting $5 per square foot."
"If you're self-employed and rely on your phone as an essential part of your business, you can write off a certain percentage of your monthly phone bill. However, you'll need to calculate the exact percentage of time you spend using your phone for work rather than personal reasons. While you won't need a receipt to do this, you'll need copies of your monthly phone bill wit"
Tax season will arrive soon and some deductions require receipts while others can be claimed with alternative financial documents. Designated home office spaces can be deducted either by calculating a percentage of home expenses with documentation or by a simplified method deducting $5 per square foot based on office size; for example, a 300-square-foot office yields a $1,500 deduction. Self-employed individuals can deduct a percentage of business-related cell phone bills by calculating work-use percentage and retaining monthly phone bill copies. Consultation with a tax professional or accountant is recommended for personalized guidance.
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