News

More bad IRS news: If you work from home full-time, home office tax deductions are out

Were you planning to deduct all of your home office costs from 2020? Think again: For the year that more Americans than ever worked from home, home office costs are not deductible on taxes. As the IRS explains, “employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home.”

WAIT, WHAAA?

Sorry to say, but if you spent the last year working from home as a full-time employee, that nifty new standing desk and tippy stool aren’t deductible. You can thank former President Trump: His Tax Cuts and Jobs Act of 2017 paused the home office deduction from 2018-2025.

MORE

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s