Do you WFH or have a home office? If yes, then check this out now!👇
This can save you thousands of dollars.💸
Grab a piece of paper and a pen and do the math yourself to find out if the simplified or regular deduction is a better choice for you. ✍ ️
Watch the video all the way to the end. 📽️
And if you want to save yourself the work altogether, just get FlyFin! ✨
FlyFin’s advanced AI is designed to take over your 1099 taxes and automatically calculates the best option for you😊
(This information holds true for Freelancers based out of the USA. Not to be construed as personal tax advice, please consult a CPA to ensure accuracy.)
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Up whatever you're doing and check this out. If you work from home or have a Home Office, this can help you save thousands of dollars. Most online portals suggest taking the simplified tax deduction, which is capped at $1500 for a 300 square foot Home Office. But let's see what can happen if you take the regular deduction instead. Say your entire house is 2500 square feet and your Home Office is 500 square feet, which comes out to be 20% of the entire house. Now check this out. Means you can deduct 20% of all these expenses for your Home Office. Say all these expenses add up to $35,000 for the year. You'll be able to write off 20% of $35,000, which equals $7000 for that year. In your taxes, you just saved yourself an additional $5500 compared to initial $1500 of the simplified deduction. To make this happen, you need to get familiar with the Form 8829 and fill up all the expenses and details or. You can simply go check out this AI powered tax app called Flyjin which helps you file your taxes within minutes.
