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- You had to buy supplies, office furniture, upgrade the internet and maybe even add a business phone. Being home all day meant way more electricity, air-conditioning, or heating oil and that costs money. That’s tax break city, right? - Source: Internet
- “Say that you had to visit a client and you drive directly from your house. Normally, that would be considered ‘commuting’ mileage and is not deductible,” Otto said. “However, if your home is your workplace and you drive from there to visit a client, you are considered to be driving from one work area to another and therefore the mileage is work-related and deductible.” - Source: Internet
- Taxpayers could also deduct their mortgage interest, state and local taxes, charitable donations and more before the 2017 tax bill. Expenses, both work and home-related, just had to add up to more than 2% of the tax return’s adjusted gross income. However, since 2018, itemized deductions can only be taken if they exceed the standardized deduction. - Source: Internet
- With the simplified method, a self-employed worker can deduct $5 per square foot of home used for business. If the home office is 200 square feet, for example, the deduction would be $1,000. The maximum is 300 square feet, with a $1,500 deduction. - Source: Internet
- Sam Otto, owner of Uncle Sam’s Accounting, in Madison, Wis., has experienced both worlds during the pandemic. At the beginning of the year, he was working for an accounting firm. He and his fellow employees were asked to work from home beginning in March. - Source: Internet
- “Anyone who’s a full-time freelancer, independent contractor, or runs a business registered at their home address can claim home office deductions,” Pendergast said. “These folks get to claim certain deductions because they use a portion of their home as their exclusive ‘principle’ place of business.” - Source: Internet
- “That means there’s no special write-offs for you, even if you’ve invested in a sweet little home office set-up,” said Jim Pendergast, senior vice president of AltLINE Sobanco, a division of The Southern Banking Co. “The IRS tends to qualify any of these remote-employee office investments as ‘miscellaneous itemized deductions,’ which don’t net you any deductions until 2025, thanks to changes from the Tax Cut and Jobs Act.” - Source: Internet
- The key is “exclusive,” Pendergast said. “A guest bedroom doubling as a freelancer’s office doesn’t qualify, because it’s not a dedicated, exclusive area for business. Neither does a photography studio in your den. The space and its items must be exclusively for professional use.” - Source: Internet
- “Because I was an employee for that firm, I could not claim any deduction [for 2020 taxes] in relation to working from home,” Otto said. “However, this summer I left the firm and have now started my own tax practice, which I operate from my home. Now that I am self-employed, any expenses I get in relation to working from home are tax deductible.” - Source: Internet
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