How to Make Business Deductions Out of Your Personal Expenses Part 2

<p> The second part of the series will go over three different deductions that your business is eligible to take. <p/>

<h2> Home Office <h2/>

<p> Many people know about the deduction but for some reason many do not take it.  The main requirement is that you have a separate area laid out to be an office.  For example don’t try to do work at your kitchen table and write it off.  Though this isn’t to say that your segregated office area can’t be part of a larger room. <p/>

<p> There are two commonly used ways to take this deduction.  The first is to take the area of the office as a percentage of the square footage of your house.  The second is to write it off based on the market value of office space in your area.  To do this find out how much office space is per square foot.  Measure your office and multiply this by the amount of money per square foot.  This will generally give you the largest write off. <p/>

<h2> Corporate Gym <h2/>

<p> To many it is very important to stay in shape and therefore a lot of people have gym equipment in their homes.  Wouldn’t you like your company to buy your gym equipment?  What if you have already purchased the equipment?  In this case your company can simply reimburse you for the money that has already been spent.  This space occupied by your home gym can then be added to your home office deduction. <p/>

<h2> Supplies <h2/>

<p> Pretty much anything used in your office can be considered a supply.  This can range to pens and paper, to file cabinets and printers.  Also cleaning supplies used to keep your office neat can be written off. <p/>