As the tax season approaches, the scramble to gather receipts and documents intensifies. While familiar deductions like mortgage interest and charitable contributions are common knowledge, several lesser-known deductions can significantly enhance your tax savings. This comprehensive guide delves into valuable deductions that often escape notice, potentially putting more money back in your pocket. 1. Home Office Deduction: Imagine you’ve converted a spare room into a dedicated workspace for your freelance graphic design business. The Home Office Deduction allows you to deduct a portion of your rent or mortgage interest, utilities, and other related expenses. To qualify, the space must be…

The surge in remote work has reshaped the traditional workspace, with more individuals now working from the comfort of their homes. This shift not only offers flexibility but also opens up new avenues for tax deductions related to home offices. In this comprehensive guide, we’ll delve into the intricacies of maximizing tax deductions for home offices, exploring both the simplified home office deduction and eligible business expenses. Simplified Home Office Deduction The simplified home office deduction is an attractive option for those seeking a streamlined approach to claiming home office expenses. Instead of navigating the complexities of itemizing various expenses,…