Best Way to Cut Your Home Mortgage
Welcome to TaxNoTuesday!!
Every tax relief counts! Amidst of the COVID-19 situation, we can still find unexpected benefits. You can minimize your home mortgage by knowing the rules of home office deductions. One important factor is accurate measurement of the space that you are using for work. Watch until the end.
ThThere are two common ways you can use:
1) Number of Rooms: This method looks at the number of rooms used for business, divided by the total number of rooms in your house.
2)Square Footage: This method looks at the square footage of the space used for business, divided by the total square footage of the house.
Love is in the air because tax laws allow you to use whichever method results in the larger deduction--so make sure that you calculate your deduction using both methods.
For example, if you have a 4-room house and use one room as an office, your business use percentage will be 25 percent. Alternately, if your home office was 100 square feet and your home was a total of 1000 square feet, your business use percentage will be 100/1000 or 10 percent. In this case, you will have a larger deduction if you use the "number of rooms" calculation.
FREE How to Get Virtual Office Tax Relief PDF Download: https://www.wycotax.com/
Free 30-minute consultation: TEXT your NAME at 956-425-WYCO
WYCOTAX is an all year round, all-in-one, outsource tax, payroll and bookkeeping company.
Every tax relief counts! Amidst of the COVID-19 situation, we can still find unexpected benefits. You can minimize your home mortgage by knowing the rules of home office deductions. One important factor is accurate measurement of the space that you are using for work. Watch until the end.
ThThere are two common ways you can use:
1) Number of Rooms: This method looks at the number of rooms used for business, divided by the total number of rooms in your house.
2)Square Footage: This method looks at the square footage of the space used for business, divided by the total square footage of the house.
Love is in the air because tax laws allow you to use whichever method results in the larger deduction--so make sure that you calculate your deduction using both methods.
For example, if you have a 4-room house and use one room as an office, your business use percentage will be 25 percent. Alternately, if your home office was 100 square feet and your home was a total of 1000 square feet, your business use percentage will be 100/1000 or 10 percent. In this case, you will have a larger deduction if you use the "number of rooms" calculation.
FREE How to Get Virtual Office Tax Relief PDF Download: https://www.wycotax.com/
Free 30-minute consultation: TEXT your NAME at 956-425-WYCO
WYCOTAX is an all year round, all-in-one, outsource tax, payroll and bookkeeping company.
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