Employees want to know: if you work from home can you deduct your home office?
According to the World Economic Forum, before the pandemic, between four and seven percent of the workforce regularly worked from home, a figure that topped more than 30% by March. Which has raised the question for many: if I now have to work from home, does that mean I can write off my home office on my taxes?
If you are self-employed or if you are an independent contractor then you can deduct your home office expenses as you’ve always done. But for the vast majority of workers who are employees of a business, the answer is a flat no. As a result of the Tax Cuts and Jobs Act, for tax years 2018-2025, if you are an employee of a business, you can’t deduct your home office, even if you have to work from home.
The good news is that Global Marketplace Analytics estimates that people save between twenty-five hundred and four thousand dollars a year by regularly working from home. Plus, you get to yell at your coworkers to do the dishes even if you can’t deduct the table slash desk you put them on.
From The Judge Group I’m Amy E Feldman for KYW News Radio.