Sunday, February 28, 2021

Home Office Deduction

 This deduction is still available to the self employed if you use an area in your home exclusively for your business. A $5 a square foot deduction up to $1,500 a year can be taken. However it is not available to W-2 employees even if they would otherwise qualify because of a change in the tax law. For 2018 through 2025 such W-2 employees cannot take a home office deduction even if they are working at home. See IRS publication 587-Business use of your Home, for more information. 

No comments:

Post a Comment