Home Office Business & Benefits Comparison
Many people use their house as their offices. These are the people who run a small business or are working part-time from their homes. Many don’t know that they can reduce off the money spent on taxes if they claim the Home Office Tax Benefits. This allows people who use a part of their house regularly and exclusively for business purposes to reduce their expenses spent on taxes or on their business.
Before 2013 there was just the traditional method of claiming the home office tax benefit, but after 2013, the IRIS has come up with another option called as the simplified home office deduction. Both have the same criteria for qualifications but have some different requirements. Choosing between the two could be a hassle and you would want to choose the method which gives you the most benefits.
For choosing the best option for you and your business, you need to make a comparison table which includes the pros and cons of both the methods, along with the calculation of what will you be benefited with when choosing either method. The calculation would be according to the requirements of the IRIS. Make sure that you involve an accountant as well to help you out with the calculation if you doubt yours or are unsure as to what should be added or what shouldn’t be included.
Always remember to take some time out to compare thoroughly about the option you choose since it would be for a whole year and once filed, you won’t be able to make any changes.
Download your file below.
Home Office Tax Benefits Comparison Sheet
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