The amount of rent deductible for a home office is based on the percentage of your home’s square footage dedicated to business use. For example, if your home office occupies 15% of your home, you can deduct 15% of your total rent payments. The space must be used exclusively and regularly for business activities, according to IRS rules. Accurate documentation, such as lease agreements and measurements of the office space, is necessary to substantiate this deduction. This ensures compliance with IRS requirements and helps to maximize your deduction. Additionally, keeping records will protect yo

Traditional IRA contributions are tax-deductible if you meet income and eligibility requirements set by the IRS. The amount you can deduct depends on your filing status, income, and whether you or your spouse participate in a workplace retirement plan. For example, if you’re a single filer with income below the phase-out threshold, you can deduct the full contribution amount. Contributions to Roth IRAs, however, are not deductible. It's important to maintain records of your contributions to ensure they are properly reflected on your tax filings. Keep all documentation in case you need to refe