Tax Deductions People Don't Know About
The Californer/10305186

LOS ANGELES - Californer -- For the full 15 deductions visit link at the end of this article. We cherry picked a few for release.

Home Office Expense: Write Off!
Remote workers do not get a home office deduction, unless they are self-employed contract workers. Only business owners can do so. To deduct expenses for business use of the home, you must use part of your home in one of the six following scenarios:

It must be your principal place of business.

It must be a meeting place on a regular basis.

It must be a separate structure that's not attached to the home, used exclusively on a regular basis for work purposes.

It must be used for storage of inventory or product samples related to the business, if the home is the sole fixed location of your work.

It is for rental use.

It is a daycare facility.

The space that is deducted can't be used for both personal and business purposes.

More on The Californer

• Orion Retreats: Pioneering the Future of Conscious Leadership and Luxury Wellness Tourism
• Cynthia Pinot Among Artists Selected for Renowned London Art Biennale 2025
• Real Estate Experts Highlight Jersey Shore as a Smart Buy in 2025
• California: Governor Newsom statement on passage of Trump's "Big, Beautiful Betrayal"
• From Barrio to Transgender Pioneer: Chapter 12 of A Letter to Pawtone

You can also deduct the business portion of real estate taxes, mortgage interest, casualty losses, utilities, insurance, depreciation, maintenance and repairs.

You can file the regular method with a Schedule C (Form 1040), the simplified option with Schedule A (Form 1040)or as a farming business or partner with Schedule F (Form 1040).

Home-based Business Insurance: Write Off!
You can't write off your homeowners insurance as a business tax deduction. In fact, if you don't have commercial coverage for your home-based business, your home insurance policy claim for business-related claims will be declined.

It's best to have a home-based business insurance policy, which you can write off in its entirety. If you have just one employee you're required by law (in every state) to have workers compensation, which you can deduct from taxes. Other home-based business insurance coverages may include:

More on The Californer

• MERCURY INSURANCE NAMED ONE OF AMERICA'S GREATEST WORKPLACES FOR PARENTS & FAMILIES AND FINANCIAL SERVICES BY NEWSWEEK
• Ahead of Holiday weekend, Californians see lowest July prices at the pump in 3 years
• $18 Price Target Issued in New Research Report After $34 Million Revenue Forecast from Acquisition; $101.5 Million Net Revenue in 2025; NAS DAQ: IQST
• West Dentistry Welcomes New Oral Surgeon to Enhance Patient Care
• The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative

General Liability Insurance

Professional Liability Insurance

Business Personal Property Insurance

Business Interruption Insurance

Cyber Insurance

A business owners policy (BOP) may be the most cost effective insurance bundle.

You can also write off car insurance, if you have a commercial auto insurance policy, because, again, if you use your car for work purposes aside from a regular commute, you will not be covered with a personal automobile policy in the event of an accident.

You must be a contract-work self-employed individual or a business owner or partner. You can also deduct your business insurance costs from your income taxes.

Capital Gains Exclusion
When you sell something for profit, whether it's for personal or an investment, the amount that goes over the cost basis is taxed as a capital gain. This is different from... (continued)

https://smartfinancial.com/tax-deductions-homeowners