During Small Business Week, Sept. 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return.
The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, the Tax Cuts and Jobs Act suspended the business use of home deduction from 2018 through 2025 for employees. 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.
If you want to see if you qualify for the home office deduction check out IRS.gov.
Inquiring about taxes? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.