Is Home Sweet Home a Tax Deduction?
If you've chucked an interminably long commute last year to work from the comfort of home, you're probably planning on deducting your home office when you file our taxes. And if you meet all the IRS criteria, then by all means, deduct away.
Unfortunately, not everyone who works from home is eligible for the deduction. More than 22 million Americans work from home at least one day a week, but if you're an employee of a company you're only entitled to a deduction if you work at home at the convenience of your employer.
In other words, if there's an office or a cubicle with your name on it and your stuff is in it at the company, you may not deduct a home office, even if you work from home the majority of the time.
As an employee of a company, if you pass the fist hurdle you may only deduct expenses as a miscellaneous item subject to 2% of your adjusted gross income. But take that deduction!
We hope this article was helpful. But if you’d like to read more on this—or a closely related—subject, just click here.
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