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Space Deduction on taxes? Answered

I really enjoyed this class. I have been pondering opening an Etsy store but have been on the fence about it because I am new to selling. You have made a lot of good points here and given great advice. It seems you have left out nothing. It makes me want to do this and using all of your knowledge and tips, I think I may be able to do it right from the beginning. One question, I have heard you can deduct a portion of your home that you work out of, is this true? If so, does it go by square footage of the space you are using and how can you prove this is for business expenses?

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jessyratfink

Best Answer 4 weeks ago

Here's a whole article that explains the process for home business office deductions:
https://turbotax.intuit.com/tax-tips/small-business-taxes/setting-up-a-home-office/L52go3hc0

It does go by the square footage and a few other things. As long as you have a business license and keep expense receipts and paperwork regarding utilities/taxes etc for your home you'll be fine!