Did you start a business working out of your home during 2021? If so, you may be eligible to claim a home office tax deduction. This tax deduction is available to anyone who is self-employed and uses part of their home regularly and exclusively for work. Unfortunately, through 2025, the home office deduction is not available to employees who work from home. The IRS allows two methods for calculating this deduction. Using the simplified method, you can deduct $5 per square foot, up to a $1,500 cap. With the other method, you deduct the actual expenses for your home office, which includes maintenance and repairs for the home office itself and a pro-rata portion of the expenses for maintaining the entire home. Be sure to consult with your tax advisor regarding this valuable deduction.

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