Income Tax Deduction Issue?
I work at home part of the time. That medium I use electricity and gas for work purposes. Problem is, what percentage of my monthly utility bills can I deduct on my income charge filing? How can I work out that percentage? Do I just discount the entire electric bill and include the receipt beside my filing? Thanks.
Answers: Lots of restrictions on what you can and can't reduce by and under what circumstances. Definitely do *NOT* attempt to discount your entire electric bill.
Here's the facts on what you can deduct for working at home, and how to report it:
http://www.irs.gov/pub/irs-pdf/p587.pdf
I'd guess that you don't even pass by the first requirement, "Principal Place of Business", since you say you solitary work at home part of the time.
Go to the IRS.GOV website and dig out for BUSINESS EXPENSES. From that point, it will depend on whether you are self employed or not. Select the appropriate info to research your question.
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Answers: Lots of restrictions on what you can and can't reduce by and under what circumstances. Definitely do *NOT* attempt to discount your entire electric bill.
Here's the facts on what you can deduct for working at home, and how to report it:
http://www.irs.gov/pub/irs-pdf/p587.pdf
I'd guess that you don't even pass by the first requirement, "Principal Place of Business", since you say you solitary work at home part of the time.
Go to the IRS.GOV website and dig out for BUSINESS EXPENSES. From that point, it will depend on whether you are self employed or not. Select the appropriate info to research your question.