9. Home-office Deduction

Especially helpful for those who use a section of their home as their office, home-office deductions can help cut costs as well- as the name implies. You can also go about this in two ways.

A simplified method involves writing off $5 for every square foot used for business purposes in your home. The maximum amount you can write off, in this case, is $1,500.

The regular method implies determining which percentage of your home you use for business. Through this, you may also include your mortgage, homeowner’s insurance premiums, and utility costs.