DIY or professional help? This article compares both options and outlines when hiring an accountant could save you more than doing it alone. If you work from home, even just part of the time, you may be eligible for the home office deduction. The key rule is that the space must be used exclusively for business purposes. This deduction allows you to write off a portion of your rent or mortgage, utilities, internet bills, and even property insurance. The IRS also offers a simplified option of $5 per square foot, up to 300 square feet.

Tip: Store invoices and track payments to service providers in your accounting system.

Tip: Take clear photos of your workspace and keep all receipts and utility bills for documentation.