2020 home office deduction covid

Published by on May 29, 2021

Tax break 5: A home office Good news for all self-employed people whose home office is the main place where they work: You can deduct $5 per square foot, up to 300 square feet, of office … Prior to the Tax Cuts and Jobs Act of 2017, salaried workers could claim home office expenses via the miscellaneous itemized deduction. But now, that deduction is … Working from home in 2020 because of the COVID⁠-⁠19 pandemic, she upgraded her home internet package and bought office supplies (pens, paper and ink), furniture (a desk and ergonomic chair) and equipment (a printer, calculator and stapler). Julie is a salaried employee. You can claim 12.5% of your eligible expenses as home office expenses. If you are self-employed and work at home – even just part-time – you may claim a tax deduction for expenses related to your home office. For example, if your home office is 200 square feet, and your home is 1,600 square feet, your office takes up 12.5% of your home. But for employees who have been working from home due to the COVID-19 pandemic, that tax advantage does not apply. I started working from home in 2020 due to the pandemic. Julie is a salaried employee and incurred expenses to work from home because of the COVID⁠-⁠19 pandemic.

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