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How and what can I deduct for my home based business (bakery) that takes up 20% of my home? All utilities? Mortgage? Home is 2,529 sq ft & business utilizes 574 sq ft.

For utilities I have Electric, Natural Gas, Water/Sewage and Garbage.

I also have internet that I use both for my business and personal use....my cellular phone is my primary business number, can that be deducted?

If yes to all of these - can you tell me where I would place these numbers?

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1 Reply
Tiki
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How and what can I deduct for my home based business (bakery) that takes up 20% of my home? All utilities? Mortgage? Home is 2,529 sq ft & business utilizes 574 sq ft.

Yes, you can take a deduction for the Home Office Credit for a portion of the expenses listed, if you take the Regular Method which uses the actual expenses associated with the home office. 

Please see the IRS publication on the Home Office Deduction to determine which option is best for your tax situation. 

To enter information for the Home Office Deduction, please see the steps below.

 

https://ttlc.intuit.com/replies/4773249

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