Whether you’re willing to accept it or not, it’s that time of year again. It’s typically in your best interest to deal with your income tax return sooner rather than later, but it’s also important to educate yourself about all the potential benefits and rules that you can use in your favor.

If you run your own small business out of your home and you have a room in your home that is dedicated to this purpose, you have a home office! Assuming that you keep all your receipts and you have everything properly organized, this can open up a world of tax write-offs and legitimate expenses.

In addition to things like stationery and web hosting, you can also legitimately write-off a portion of your home expenses as home office expenses. The best way to do this is based on your square footage. Let’s say that you have a 1000 square-foot condo and you have a 100 square-foot home office. Using this information, you can legitimately write off 10% of your mortgage interest, heating bills, and other similar expenses.

As always, since I am no accountant, you should check with your preferred tax professional if you have any questions or concerns. Better safe than sorry!