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The way the deduction is calculated is by taking $5 per square foot of your home office up to 300 square feet, for a $1,500 maximum deduction. To qualify for this deduction, you have to be self ...
The Tax Cuts and Jobs Act of 2017 suspended the deduction for miscellaneous unreimbursed employee business expenses, which allowed you to claim a home office if you worked from home for the ...
The only people who can take the home office deduction are those who are self-employed, according to Michael Corrente, managing director of the tax group at CBIZ MHM, an accounting and ...
As part of the home office deduction, you can write off some of your utility expenses, taxes, insurance, repair, and depreciation. There are two ways to figure out how much to deduct: Simplified ...
First off, the home office deduction is available to self-employed taxpayers, independent contractors and those working in the gig economy, according to the Internal Revenue Service (IRS).
There's a lot of confusion around the home office deduction because many remote workers who took the break in the past are no longer eligible -- the Tax Cuts and Jobs Act eliminated the home ...
Working from home became a norm and a need during the COVID-19 pandemic, a trend that many people continue to embrace. In fact, a quarter of Americans are currently doing so despite the relative ...
The number of people who work from home exploded in 2020 because of the COVID-19 pandemic. Some people will be able to take a tax deduction for their home office expenses, but many will not.
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