TAXO'D uses actual cost so that you get the best possible claim from working at home in your pants.
Who can claim?
- If you do any work from home, you can claim a portion of those costs as a business expense.
- If you pay for business premises but do some work from home as well you can still make a valid claim.
Here's how you do it
- Enter details on your home working arrangements
- Record your work-at-home expenses
Note: It doesn’t matter which order you take these steps. You can start recording straight away. But the sooner you gives us your home working details – the more accurate your TAXO’D (tax owed) figure. Kapish.
1. Enter details on your home working arrangements
First, let’s dial in the information on your home working arrangements. You can do this via your tax profile.
- Hit (O) in the home screen to enter the control panel
- Choose Tax Profile
- Tap on SEE LIST from the bottom
- Choose the question ‘Do you work from home?’
Pro tip: Completing your tax profile will help you get the most accurate live tax total throughout the year.
2. Recording your work-at-home expenses
Recording your home office expenses is as simple as recording any other expense.
- Hit Minus from the home screen
- Choose Category
- Scroll down to Home Office
- Select the appropriate category
And that’s it! pop your expenses in the appropriate category ( under home office) and TAXO’D does all the calculation malarkey for you.
TAXO’D takes into account fixed costs like mortgage or rent charges as well as variable costs like electricity and general maintenance.
Check out these hints and tips:
Note: When viewing your transaction in your expense draw. Your record will show the total amount you entered. The calculation is made once the appropriate questions have been answered in your tax profile. The correct amount will show on the home page ledger.
How your calculations are displayed: Home office expenses are often regular payments. To save time, it’s a good idea to set these expenses to recur. Choose the frequency of the payment (daily, weekly, monthly) and how long it will repeat for. Click here to see how recur can save you loads of time.