If you run a business from your home and have a home office, then some of the expenses you incur from the office can be deducted from your taxes at the end of the year. Depending on what type of business you're in and the things you need to buy for your office, that could add up to a pretty substantial deduction come tax time.
Office Space
If you use a room in your home to either conduct business, meet with clients or store inventory, then you can deduct the cost of renting that space or that portion of your mortgage interest from your taxes. For instance, if your home office is 25 percent of the total square footage of your home, you would be able to deduct 25 percent of your rent from your taxes.
Office Utilities
If you power electronics in your home office, light it or need to run water, the portion of your utility bills associated with the office can be deducted from your taxes. You can also deduct a separate business phone line if you have another personal phone line, or the business portion of your cell phone bill.
Office Equipment
Equipment purchased to be used in your home office such as computers and printers can be deducted from your taxes. Only the business percentage of the equipment is deductible. The personal portion is not deductible. Keep receipts for any materials you purchase to be used in your home office, such as pens, printer paper and paper clips--it's all tax deductible.
Office Repairs
If you need to repair a window, install a new phone outlet, or do other repairs and upgrades to your home office, those repairs may be tax deductible. Save receipts for anything you do to improve or repair the office throughout the year.
Office Decorations
Things like paintings to decorate the walls, a new office chair, desk or even new curtains can be considered a tax deduction when they are used in your home office. If you purchase something to spruce up the room, save receipts so you can write it off later.