The ongoing COVID-19 pandemic has kept countless people working from home for months now. Many have been wondering whether they should consider claiming the home office deduction on taxes next year, so we thought we’d pass along some information to help determine whether this may be an option for you. If you have a specific question about your situation, please reach out and talk to me. As a Certified Financial Planner for over 20 years, I can share my experience and knowledge to give you options for your best financial plan. Schedule an appointment to meet with me  Get in touch with me me at : roxanne@bladefinancialservices.comAccording 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 March 2020, 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: |
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. PLEASE NOTE: When you link to any of the websites displayed within this website, you are leaving this website and assume total responsibility and risk for your use of the website you are linking to. We make no representation as to the completeness or accuracy of any information provided at these websites H |
Can You Deduct Your Work From Home Expenses on Taxes?
February 26, 2021