Depending on the percentage of your home you use for business, you should be able to deduct portions of utility bills, mortgage interest, repairs, depreciation, cost of a second phone line, office equipment, and any other related expenses. You may also be able to depreciate computers, equipment, and office furniture. However, it’s important to set aside the area you use for business. You can’t put a filing cabinet in the family room that’s used for watching TV and call it an office. The area must be used for business only.
If you decide to claim a home-office deduction, you should keep meticulous records of all your expenses and be prepared to back them up if you’re asked to by the IRS.
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