Many of today’s apartment dwellers are also using their
homes as a full-time or part time office. For those small business owners or
teleworkers, there are some great tax benefits that you may be able to take
advantage of and save money. Additionally, educators have earned special tax
benefits, and it’s valuable to check in with a tax adviser to see if you
expenses. Educators often make investments in their own classrooms when
resources are tight. It’s best to keep those receipts, and you can deduct up to
$250 for classroom items such as supplies and books.
expenses. Workers who use their homes as an office may be able to deduct a
percentage of rent and utilities, phone costs and more. If you are claiming
your rental home as a home office, be sure to work with a tax adviser to help
you calculate the space and the percentages for utilities.
If you moved for a new job, more than 50 miles from your last job, some of the
expenses associated with the move may be deductible on your federal taxes.
For those of us who use our cars for business, it’s worth keeping track of
miles traveled for work. Your tax preparer can help you figure out which car
expense deduction to take.
It’s important to consult your tax adviser or preparer to
confirm what tax breaks you can take advantage of this year. There are a number
of discounted and even free tax preparation services available from community
centers, schools and nonprofits.