As defined by the Internal Revenue Service, the optional standard mileage rate for 2012 is 55.5 cents per mile. The rate is defined as optional because a business or taxpayer might, instead, use the actual cost of using and maintaining a vehicle for business, medical, moving or charitable purposes.
Taxpayers typically fill out Form 1040 when they want to deduct various items from their taxes. In this case, when you want to deduct energy-efficient appliances from your taxes, on line 52 of the 1040, you can claim or enter the amount of deduction taken from Form 5695.ill out Form 5695, which is called the Residential Energy Efficient Property Credit. In order to claim an appliance for a deduction in 2011, for example, the product must have been âplaced in serviceâ and used in 2011.
Calculating the Deduction. You can claim tax deductions for the ongoing business use of your basement as well, in addition to any construction costs. These expenses are not 100 percent deductible, however. You must calculate what percentage of your home â not just your basement â is dedicated to your work or business.If your new office takes up 10 percent of the total square footage of your home, you can deduct 10 percent of the expenses of maintaining your home.onstruction Costs. If you've already got a basement, turning it into a home office is more a matter of remodeling than building. The costs of doing so are 100 percent deductible.