The home office deduction calculator is an easy way to compute the deduction you can claim for carrying your business or profession from one corner of your home. It is a fact that the IRS allows expenses incurred on the portion of home and equipment or infrastructure necessary to carry out business to be deducted from the gross income of the homeowner or renter.
Two methods for home office deduction
There are two options for computing the amount of deduction that can be claimed while computing business income being carried out from a portion of your home. These are :
- Simplified method
- General Method
You have the option to choose either the simplified method or the regular method for any taxable year on your tax return. But once a method for a taxable year is selected, you cannot later change to the other method for that same year.