![]() You’ll need information like the square footage of your residence and the rooms you worked in. Tailored to you, based on your unique situation. Boost your bottom line with industry-specific tax deductions. Extra guidance for self-employment & business deductions. When you enter your home office information in TurboTax, we'll ask some questions to determine if you can claim the deduction and how much the deduction is worth. Personal and self-employed taxes done right. Is your principal place of business (both conditions must apply).Used regularly and exclusively for your business, and. ![]() You may be able to claim the home office deduction if your office is: If you're self-employed, however, housing-related expenses such as mortgage interest, rent, utilities, repairs, and depreciation for the portion of your home or rental that you use to run your business are allowable expenses under the home office deduction. Prior to that, employees who worked from home at the convenience of their employer were allowed to deduct home office expenses under the 2% rule. This has been in place since 2018, when the Tax Cuts and Jobs Act was signed into law. ![]() Employees working from home can't take the home office deduction, even if you've been asked to work from home due to COVID-19.
0 Comments
Leave a Reply. |