N@N

Work Remotely? You Might Not Qualify for a Home Office Tax Deduction

The article from CNET discusses the complexities of claiming a home office tax deduction for those working remotely. It highlights that while many might think they qualify for this deduction due to working from home, the IRS has strict criteria that must be met. For employees, the deduction is generally not available unless they are self-employed or independent contractors. The key requirements include that the home office must be used regularly and exclusively for business, and it must be the principal place of business or used for meeting clients or customers. The article also notes changes due to tax reforms, like the Tax Cuts and Jobs Act, which suspended the deduction for unreimbursed employee expenses until 2025, making it even harder for regular employees to claim this deduction. However, self-employed individuals can still benefit from this deduction if they meet the IRS criteria, potentially saving significant amounts on taxes by deducting expenses like mortgage interest, utilities, and repairs related to the home office space.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/taxes/work-remotely-you-might-not-qualify-for-a-home-office-tax-deduction/ ]