If you work from home either full or part-time, you may want to give the home office deduction a go on your taxes. The problem with this deduction is that it can be tricky.
Your workspace needs to meet the criteria for business use. You need to use your work space regularly and as your principal place of business. If you don’t work from home as a self-employed individual, your employer must require you to work from home due to a lack of office space or other circumstances. The keywords in this part of the clause are “exclusively, regularly, and must.”
First, you’ll need to calculate the percentage of your home that’s used for business. This means that if your office is 100 square feet and your home is 1,000 square feet, you use 10% of your home for business. If you own the space you’re living in, you can deduct 10% of the mortgage interest that you pay each month. Keep in mind that you can’t double dip either. This means the amount of mortgage interest that you deduct on other parts of your taxes is reduced. If you rent your home, you’d deduct the percentage off of your monthly rental payments.
If you own your home, you are able to deduct a portion of your property taxes, insurance, utilities, maintenance, and other expenses that are associated with your home office space. These expenses vary because some are direct such as the expense of you painting your office. Others are indirect. Home insurance applies to your entire home, so you would only apply a portion of that to a deduction. For the direct expenses, you are able to deduct the entire cost.
For the indirect expenses, you’ll go back to applying the percentage of your home that is used for work. This means if we’re working with a 10% figure, you are able to deduct 10% of your utilities, 10% of your home insurance premiums, and so on.
If you rent, you can still deduct many of the same things that homeowners can from your taxes for a home office expenditure. The only thing that you’ll lack as a renter is the ability to write off things like mortgage interest, property taxes, and homeowner’s insurance. Know that you’ll be able to write off a portion of your renter’s insurance.
You are able to depreciate the value of a home office as your home ages. It’s not always necessary to do this, so you should consult your tax professional before you decide to make this type of deduction. Equipment in your office, such as your computer, can be claimed as a depreciation over time as well.
The important thing when it comes to your home office tax deduction is to do your homework. You don’t want to miss out on important savings!
When you are one of those very busy types with travel, projects, and meetings, it’s often difficult for you to cook breakfast, lunch, or dinner for yourself. The only option is to eat out in the office cafeteria or restaurants. Eating out can be fun and enjoyable when you know how to order a healthful meal. If you are worried about not eating a balanced diet, below are tips on how to eat a healthy dinner outside the comfort of home.
Tips on how to eat healthfully when eating out:
Order your meal how you like it: You can order your food the way you want it by changing the menu to your taste. Ask your server about healthful exchanges such as extra vegetables instead of the starch. You can also eat healthily at a restaurant by telling them the way you want your food prepared.
For example, if the menu says the side is French fries, you can request a salad, and instead of fried or breaded entrees, let the chef know you want your meat grilled or baked.
Always take water before, during and after eating: Drink water throughout the entire meal. It slows you down, helps you enjoy the food more, and lets the message get to your brain that you're full—before your plate is empty. Taking water at intervals makes your system work better especially during eating. When you take water while eating, it helps you taste your meal and enjoy it more. Taking water also satisfies your hunger sooner than food alone.
Be careful of the drink you take: You can merely take water, tea, or a fruit juice to complement your food after eating. If you want an alcoholic beverage, request wine or a clear liquor and avoid cocktails that have extra calories.
Select a plate of mixed fruit as your dessert: With fruit, you are sure of eating healthy food. Fruit aid in digestion and add beneficial nutrients.
Before eating check for the calories and the fat: Many states now require calorie-counts and nutritional values on the menu. You can ask the server about how they prepare meals: is it fried with butter or a partially-hydrogenated oil? Breaded? When you do this, you will be able to decide what is best for your health.
If you’re concerned about the healthfulness of a local restaurant, ask about restaurant ratings in your area.
