Home Office Deduction Calculator for Therapists
Use this free calculator to estimate how much you may be able to write off on your taxes for your home office as a self-employed therapist.
A home office must be exclusively used for business, meaning that the space is not used for any other personal use. Read more about what therapists need to know about the home office deduction.
To calculate your deduction, you can use either the simplified method or the standard method.
The Simplified Method only requires you to share the total amount of square feet used as part of the home office. The IRS allows $5/sq ft with a maximum of 300 sq ft claimed ($1,500).
The Standard Method involves actual amounts paid.
Whichever method you choose, know that you will need to be able to show evidence for any information provided. You should be able to prove the space size with pictures and the amounts claimed with receipts if the IRS decided to audit the home office deduction amount claimed.
If you are uncertain of what to do, take a moment to assess your risk aversion. If you are very risk averse, you may want to only share the expenses you have direct proof of. If you would like to take more risk, you may share amounts that you may or may not be able to substantiate if it came to an audit.
This calculator has been prepared for informational purposes only, and is not intended to provide, and should not be relied on, for tax, legal, or accounting advice. It's best to consult with a CPA or tax professional for advice specific to your business.
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Book a free consultWhichever method you choose, know that you will need to be able to show evidence for any information provided. You should be able to prove the space size with pictures and the amounts claimed with receipts if the IRS decided to audit the home office deduction amount claimed.
If you are uncertain of what to do, take a moment to assess your risk aversion. If you are very risk averse, you may want to only share the expenses you have direct proof of. If you would like to take more risk, you may share amounts that you may or may not be able to substantiate if it came to an audit.
This calculator has been prepared for informational purposes only, and is not intended to provide, and should not be relied on, for tax, legal, or accounting advice. It's best to consult with a CPA or tax professional for advice specific to your business.