Home Office Expenses Calculator

How do i calculate my home office expenses. Taxpayers using the regular method required for tax years 2012 and prior instead of the optional method must determine the actual expenses of their home office. Enter on line 22900 the allowable amount of your employment expenses from the total expenses line of form t777.

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You can claim 12 5 of your eligible.

Home office expenses calculator. Enter the lower amount of line 24 or 25 of form t777 at line 9945. Measure the size of your home office and measure the overall size of your home the ratio of the two will yield your home office percentage. If your home is 1 000 square feet and your home office measures 200 square feet you ll be able to claim an amount equal to 20 200 1 000 20 of your related expenses on your return. For example if your home office is 200 square feet and your home is 1 600 square feet your office takes up 12 5 of your home.

The home office expenses calculator helps you work out the amount you can claim as a tax deduction for home office expenses for the previous six income years. Home office equipment used for work. How to calculate your home office deduction. What s new for 2018 19.

He works out that his private use is 10. The fixed rate for heating cooling and lighting in your home office is now 52 cents per hour. Percentage of square feet. Completing your tax return.

It is worth understanding the tax rules around home office expenses as sars may allow these employees to deduct their home office costs within the other deductions section of the itr12. When completing his tax return linus usually claims his home office expenses using the fixed rate method. Home office expenses are generally calculated in proportion to how much your business space takes up relative to your entire home. Complete the calculation of work space in the home expenses portion of form t777 statement of employment expenses.

If you opt for the general method using form 8829 expenses for business use of home the first task is to calculate the percentage of business use to do this you divide the square footage of your office space by the total square footage of the home. Linus uses his home office including the desk and chair for both work and private purposes. You can claim 20 of your home s expenses if your office takes up 20 of your home s total space. Indirect expenses are those paid for running your home which can be deducted based on the percentage of the home used for business see calculating your home office space deduction.

Unfortunately there are certain expenses that a salaried employee can t claim on their return. He keeps the required records to show how he calculates his claim. These expenses may include mortgage interest insurance utilities repairs and depreciation. It is important to realise though that this deduction is only allowed under certain specific conditions.

Typical indirect expenses include rent mortgage interest utilities insurance and general home repairs.