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Working from Home's Convenient, But You May Pay for It at Tax Time. Here's Why.

Working from Home's Convenient, But You May Pay for It at Tax Time. Here's Why.

Despite the popularity of hybrid and remote working situations, taxpayers may be surprised to find they do not qualify for home office deductions this year. This is primarily because employees who choose to work from home are not reimbursed for their expenses. The 2017 Tax Cuts and Jobs Act eliminated unreimbursed itemized deductions for employees, and Congress never brought them back despite a surge in people working from home, Principal Eric Scaringe said. The rule runs through 2025.

This means home office deductions primarily apply to self-employed small business owners and freelancers if it's unrelated to their regular job; however, the rules are strict and calculations for the deduction can be complex. One good rule of thumb is if you receive a W-2 from your employer, you are generally not eligible.

 

Read the full article published by USA Today.

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