A community of 30,000 US Transcriptionist serving Medical Transcription Industry

What can I deduct working from home? - gagirl

Posted: Jan 28, 2010

For those who have filed taxes, can you give me some insight as to what I can write off on my taxes being self-employed? Any suggestions and advice would be most apprecieated.

some things, but I would still ask a professional - sm

[ In Reply To ..]
portion of electric/gas bill, portion of internet bill, any costs needed to maintain business (if you have to print things, ink and paper...), any new items for office (chair, mouse, monitor...).

I would contact a tax accountant for specifics because only a portion of electric/gas is claimable dependant on square footage of entire dwelling compared to footage of office.

Same with internet if it is used for personal as well as work, which if you are posting here... that is personal.

Deductions - dsauverwald

[ In Reply To ..]
I have been an IC for 3 years now from my home and I know exactly what deductions you can claim:

1. Internet.
2. Phone (if long-distance is a requirement in your IC contract).
3. Heating/Electric bill.
4. Supples (paper, printer ink, pens, computer chair, desk, etc. etc.)
5. Rent/Mortgage: (divide the square footage of your home by how many rooms you have in your home. Ex: 1000 square feet/5 = 200 square feet. The tax company will need this number for documentation purposes. Then, take your rent or mortgage and divide that by how many rooms you have, and that is how much you can claim of your housing expense).

Pretty much anything that is required to sustain your business and keep you working is tax deductable. A lot of the time the tax professional will be able to find other deductions to, so I agree with talking to them as well. But, having the above figures organized will help in the process.

Additions to your list - anon

[ In Reply To ..]
I have been an IC now for a couple years. Each year I have my tax lady to my taxes just because I feel safer that way.

On the phone, my tax lady said if it is designated for work only.

So in addition to those you listed I deduct:

1. Water.
2. Garbage.
3. The cost to have my taxes done
4. Education.

Mileage to the bank or to run errands for supplies. - i.e., office supplies

[ In Reply To ..]
If anything I purchased will be used for my work, I keep track of that mileage and deduct it.

Receipts? - rainbo

[ In Reply To ..]
Are we required to save receipts for every thing we claim or is there some other way to do it? What I mean is, is there a standard allowed amount that you can claim without having to save all the receipts as proof?

I hope that wasn't a dumb question. I just started working as an IC this year so I have a full year to keep up with receipts if that's the case.

If you claim it, you had better have a receipt to - JT

[ In Reply To ..]
back you up. I save all my utility bills, receipts from buying ink for the printer, internet bills, etc.

I would have to disagree. - Posting here is part of my work.

[ In Reply To ..]
I ask questions on the word board, and I also look for contracted work on this site. It is part of my work as an IC to seek out clients and/or MTSOs hiring ICs, and is very much so work related.

Work at Home Deductions - OhioMom58

[ In Reply To ..]
The IRS has a "virtual workshop" available on line that is quick to browse through and gives specific details as to what deductions you can take. I found it extremelely helpful! Go to:

http://www.tax.gov/virtualworkshop/

Adding to list - Typo

[ In Reply To ..]
Any software related to business (upgrades)and any reference books...this year I had to replace my desk...I have a receipt.

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