What Percentage Of My Electric Bill Can I Deduct?

What percentage of utilities can I write off?

You can deduct part of your utilities, home repairs and renter’s insurance from your taxes.

Use the same percentage you used for your rent deduction.

In the example, you can write off 12.5 percent of utilities, repairs and insurance because of your home office.

Can I write off my electric bill?

If you have a brick-and-mortar business, you can always deduct expenses, such as utility bills. If you have a home office, you can also deduct a portion of your maintenance costs. For instance, if your office takes up 5 percent of your home’s square footage, you can deduct 5 percent of your utility bills.

What percentage of my Internet bill can I deduct?

Per Diem Costs

It’s important that when deducting your Internet expenses on your 1040 that you use the actual amount of time you use the Internet for business purposes. For instance, if you only work from home 25 percent of the time, only 25 percent of your costs are deductible.

Can utilities be deducted from taxes?

Are Utility Taxes Deductible? The Internal Revenue Service allows taxpayers a personal write-off for some taxes claimed as itemized deductions. Unfortunately, utility taxes are not eligible for a personal write-off. However, landlords and business owners can deduct utility taxes paid as a business expense.