You can deduct your apartment expenses based on the portion of your apartment that you use exclusively and regularly for the business, assuming you don't have another office elsewhere. It is a deduction from your business income, not a tax credit, so it may reduce your business income base on which your taxes are calculated, but it will not reduce your tax directly.
So, none of your rent will be credited to you but it may reduce your taxes. As an example, if you used exclusively 25% of your apartment for the business, you would reduce your business income by $4,327 (17,307 rent times 25%). If you pay income and self-employment tax at a combined rate of 27%, the home office would save you up to $1,168 on your federal income tax (4,327 X 27%).
The deduction is limited in the current year to the net income of the business, but any unused deduction can be carried over to future years.
When you prepare your tax return in TurboTax, you will see an option in the business deductions section to enter your home business expenses and qualifying information. That will flow to form 8829.
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