Claiming a home office can be very beneficial for tax purposes. This was recently displayed in the Ben Affleck movie “the Accountant”. In the movie Ben Affleck helps a local farmer reduce his tax liability through the claiming of home office expenses. Despite “The Accountant” being a very entertaining movie it also has some very important tax tips that can help you save money!
If you use your home for business purposes you can most likely claim a home office and deduct a portion of your home expenses, which can significantly increase your tax refund. Some of the expenses that you can deduct include utilities, property taxes, mortgage interest, and your home phone. As you know these expenses can be very large, even deducting just 10% can reduce your tax liability by thousands of dollars. Some people that commonly claim home offices include real estate agents, home daycare entrepreneurs, sales professionals, and contractors.
At MP Group our team is very experienced with tax situations of this nature. If you think you may be able to claim a home office or already claim one, the team at MP Group can help you with your tax situation. Lastly you can check out the trailer for The Accountant in the link below.