WebSo, if 50 percent of your cellular usage was for business you can deduct that amount of the cell phone bill. How to deduct cell phone costs without worry: Keep separate phones. It's … WebJan 21, 2024 · For the 2024 tax year, you could deduct that interest, but your maximum deduction would be equal to 50% of your taxable income. If your taxable income is $100,000, and you paid $60,000 in interest on your loan, you could claim $50,000 (50% of $100,000) of that interest as a deduction.

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WebApr 3, 2013 · If your new cell phone acts as both your business and personal phone, you are only allowed to deduct the portion used for business from your taxable income. It’s … WebSimply divide your business hours by your total waking hours and find the percentage of monthly business usage. In this case, roughly 40/448 means that roughly 36% of your cell phone usage is business-related. At the end of the month, you may deduct 36% of your cell phone bill from your taxes. cyprianous twitter

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WebMar 15, 2024 · For example, if you use your phone for personal use 70% of the time, and work 30% of the time, you’d only be able to deduct 30% of your phone and related … WebFeb 11, 2024 · For tax year 2024, the flat rate is $12,550 for single filers and those married filing separately. The rate is $25,100 for married filing jointly. Taking this route is much easier than itemizing ... WebAt the end of the month, you may deduct 36% of your cell phone bill from your taxes. So, if your bill is $70, you can deduct roughly $25 from each month. Don’t Forget to Keep … cyprianna green