![]() ![]() If your business manufactures products or purchases them for resale, you can include some of your expenses to calculate the cost of goods sold. The following expenses may be deducted on any home-based business tax return, regardless of whether you are eligible for the home office deduction: To qualify as a deductible, a business expense must be considered both ordinary and necessary, meaning the expense is common and helpful for your trade or industry. Indirect: If you pay $1,000 to repair a leak in your roof, you may only deduct a percentage of that expense equivalent to the percentage of your home used for business.Direct: If you spend $100 to fix a window in your home office, you may deduct the full $100 on your taxes.The amount you can write off depends on whether the expense is direct (it only benefits your home office) or indirect (it benefits your entire home). If you make home repairs or upgrades related directly to your business space, you may also write these expenses off on your taxes. Utilities, including electricity, internet, heat and phone. ![]()
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