Teaching · For Tutors
Answer three questions about the space, enter its size and the home’s costs for the year. The summary works out the business share and compares the simplified method with the regular method, both limited by your tutoring income.
Included with Caveat Classroom and Whole-school licenses. Or get it in the Tutoring business kit, $69 for 64 items.
One record per tax year, under your initials or a business code. The example is made up.
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Teaching · For Tutors$12 · included with Classroom and Whole-school licenses
The space must be used regularly and only for the business, and be your principal place of business or a place where you meet students in the normal course of your work. A dining table you also eat at does not count.
The simplified method is $5 for each square foot of office, up to 300 square feet, with no home expenses to track. The regular method takes the business share of rent or mortgage interest, utilities, insurance and repairs, plus office-only costs and, for owners, depreciation, on Form 8829. Either is limited by the business’s income.
This organizer explains federal rules in general and does the arithmetic; it is not tax advice. States have their own rules, and the IRS forms and figures can change each year.
The example office and costs are made up. Federal rules in general terms; not tax advice. Support: team@caveatacademic.com.