Looking for a home office deduction? Assuming you have a specific designated room for your office, even if it's only a card table in a corner of your bedroom, there are many expenses you may deduct.

First, determine what percentage of your home is the square footage of your office. That will be the percentage you can use when calculating the overall cost of owning and maintaining your home.

To deduct basic phone service you must have a second phone line dedicated exclusively to the business. Otherwise only long distance calls for business may be deducted.

You can also deduct that percentage portion of repairs made for the benefit of the home, such as a new roof. But not a sauna in the bath.

Keep all utility, mortgage, and tax bills to use for your deductions. And if clients come to your house, keep a log.

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