I currently take the standard home office deduction. I do a lot of consulting work from home and have a dedicated office.
I have not itemized yet, but I spend a ton on internet... Comcast Gigabit X10 fiber is $320/mo and SpaceX Starlink backup is $140/mo. These are necessary because I cannot afford to have poor internet connectivity while doing work from home.
These are not dedicated just to my business. Myself, my wife, and my daughter all use both connections for personal use.
Is there a formula the IRS allows to deduct a percentage of internet expenses? I seem to recall you could deduct the portion of the home office size as a percentage of total square footage of your house.
As someone who does his own taxes, I don't have a CPA readily available to ask this. (Long story, but got screwed over by a CPA in 2010 and decided to just do taxes myself.)
I have not itemized yet, but I spend a ton on internet... Comcast Gigabit X10 fiber is $320/mo and SpaceX Starlink backup is $140/mo. These are necessary because I cannot afford to have poor internet connectivity while doing work from home.
These are not dedicated just to my business. Myself, my wife, and my daughter all use both connections for personal use.
Is there a formula the IRS allows to deduct a percentage of internet expenses? I seem to recall you could deduct the portion of the home office size as a percentage of total square footage of your house.
As someone who does his own taxes, I don't have a CPA readily available to ask this. (Long story, but got screwed over by a CPA in 2010 and decided to just do taxes myself.)
Statistics: Posted by southerndoc — Sun Jun 30, 2024 4:08 pm — Replies 15 — Views 884