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No, you cannot "double-dip" on utilities expenses. You should not be reporting the electric bill separately as a business expense, The home office deduction, whether you use actual costs or the simplified method, takes utilities, mortgage interest and property tax, basic repairs and maintenance, and depreciation into account with the calculation.
No, you cannot "double-dip" on utilities expenses. You should not be reporting the electric bill separately as a business expense, The home office deduction, whether you use actual costs or the simplified method, takes utilities, mortgage interest and property tax, basic repairs and maintenance, and depreciation into account with the calculation.
Thank you for responding! Doesn't it ask for utilities under office expenses though? Or is that only if you're not doing the home office deduction?
Utilities for a business located outside of the home office are deducted on Schedule C. Utilities commonly include: Fuel such as propane, natural gas or oil used for heat or cooking, These items get deducted as utilities, even if you also have a qualified home office.
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