One little-known feature in Hurdlr Pro is the ability to add and track your business home office deduction, which is a great way to leverage your existing home office into valuable tax savings.
IRS requirements around what qualifies as a home office vs. what doesn’t are pretty strict, so before adding your home office deduction in Hurdlr, we recommend checking out our general overview article.
If your home office meets the requirements, great! To set up your deduction in Hurdlr, open the Settings menu (gear icon in the top right corner on desktop) > Tax Profile > scroll to the bottom of the screen.
There are two methods for calculating your home office deduction: the simplified or actual method.
Hurdlr currently just supports the simplified method, but we’re adding support for users electing the actual method soon.
If using the simplified method, simply select "Yes" as seen below:
Then enter the size of your home office in square feet (note that for 2019, the deduction is capped at 300 sq. feet, or $1,500):
That’s it! Your home office deduction will automatically be included in your Hurdlr tax projections: