Tax Implications for Working at Home

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Covid 19 has facilitated many changes.  If you’re like me, you’ve been working from home for a month.  I wondered how these changes would affect my taxes.  I went to the experts.   

According to the IRS, if you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes. 

Additionally, you must show that you use your home as your principal place of business. If you conduct business at a location outside of your home, but also use your home substantially and regularly to conduct business, you may qualify for a home office deduction.

For the entire “Home Office Deduction” click here: https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

So, for now, I’ve taken a photo of my workspace.  I’m keeping receipts.  I’m keeping an eye on tax code.  When tax time comes next year, I’ll check with my Accountant.  You should check with yours too.

Be well!

Lori

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