2012 year is here and you will need to complete your financials and tax returns again.
One of main things clients often forget to claim is the use of a home office.
A home office is residential property which is necessarily used in production of business income.
Example: Mr X has a property 20% of which he uses as an office or workshop. He can claim:
- Mortgage Interest
- Homeowners insurance
- General repairs
- Depreciation-office equipment
So next time you receive a questionnaire from your accountant be sure to complete the Use of home office section and claim your entitled deductions.