The past few years have seen countless people working from home and continuing to have remote working options available to them. Many have been wondering whether they should consider claiming the home office deduction on taxes this year, so we thought we’d pass along some information to help determine whether this may be an option for you. Questions about how your money can work harder for you? Reach out and let's chat! Schedule an appointment to meet with me  Contact me directly at: roxanne@bladefinancialservices.comCan You Deduct Your Work From Home Expenses?According to the attached resource from the IRS, your home must be your “principal place of business” for your trade or business to qualify to deduct expenses for the business use of your home. If you have another “fixed location where you conduct substantial administrative or management activities,” then you do not qualify for the home office deduction. In other words, if you commuted to an office before 2021, it’s unlikely you qualify for the home office deduction. If you principally worked from home before the pandemic, you may qualify for the home office deduction. The IRS provides a simple flow chart to help determine eligibility:
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Also, attached is an additional resource from the IRS to help clarify the home office deduction. We recommend consulting your tax professional if you are thinking of taking the home office deduction or want an opinion on your specific circumstances. |
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Can You Deduct Your Work From Home Expenses?
March 08, 2022
