How much do I love working at home in my fuzzy slippers?! (Watch the video above so you can see mine!)

Thankfully the IRS thinks its pretty cool too and offers a home office deduction.

If you work from home and don't have an office anywhere else, you may qualify for the home office deduction. 

And while many folks think it's an audit red flag, if you legitimately meet the rules, you should take the deductions!

So how do you meet the rules? Watch our video above! 

Then decide if you how to calculate the deduction.  You have two choices - an easy option and a harder one -  

The easy option basically says you get $5 per square foot up to 300 square feet.

So if your home office is 300 square feet or less --definitely take the easy way out -- or the $1500 dollars.

If your office is bigger than that - you are entitled to write off all the expenses that are associated with the portion of your home - so  that would include rent, utilities, insurance and even housekeeping.

Then the percentage of these costs that is deductible is based on the square footage of the office to the total area of the house.

So it's your choice.

Just keep good records in case Uncle Sam ever invites himself over to come see your office.

But then maybe take off the slippers!

Watch our video for more details!

For more from @tracybyrnes, subscribe to our YouTube channel here:

More from How-to

Retirement Advice - It's Actually Better to Work Longer Than To Save More

Retirement Advice - It's Actually Better to Work Longer Than To Save More

The Alternative Minimum Tax and What to Know for 2019

The Alternative Minimum Tax and What to Know for 2019

What Is Diffusion of Innovation and Why Is It Important in 2019?

What Is Diffusion of Innovation and Why Is It Important in 2019?

How to Lease a Car in 7 Steps and When Leasing Is a Good Idea

How to Lease a Car in 7 Steps and When Leasing Is a Good Idea

How to Invest in Cannabis - In Its Many Forms

How to Invest in Cannabis - In Its Many Forms