Users typically save $5,600 from their tax bill by using our app. Our tax software scans your bank/credit card statements to find tax write-offs that may qualify as a deduction at the push of a button. Note: If you want an automatic way to discover potential tax write-offs, estimate your taxes, and receive filing deadline reminders, try Bonsai Tax. Most people turn to a home office deduction worksheet to simply the final calculations. Like all tax deductions, there is some record-keeping involved to accurately claim your home office tax deduction. Many self-employed individuals tend to work from a home office in the beginning but often ignore the available tax deductions. While the tax benefit often would be sufficient enough to prevent you from moving to a dedicated office space once the need arises, it should be taken advantage of until then. The home office deduction is one of the most significant tax benefits of running a small business out of your home.
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