Tax Implications for Working at Home

Covid 19 has facilitated many changes.  If you’re like me, you’ve been working from
home for a month.  I wondered how these
changes would affect my taxes.  I went to
the experts.   

According to the IRS, if you use part of your
home for business, you may be able to deduct expenses for the business use of
your home. The home office deduction is available for homeowners and renters,
and applies to all types of homes. 

Additionally, you must show that you use your
home as your principal place of business. If you conduct business at a location
outside of your home, but also use your home substantially and regularly to
conduct business, you may qualify for a home office deduction.

For the entire “Home Office Deduction” click here: https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

So, for now, I’ve taken a photo of my workspace.  I’m keeping receipts.  I’m keeping an eye on tax code.  When tax time comes next year, I’ll check with my Accountant.  You should check with yours too.

Be well!

Lori

Read More

Lori Morton-Lockley

Lori is a Brand Strategy Manager working at Mid-West Family La Crosse and contributor to CouleeRegionJobs.com. As a former Human Resource Professional, Lori knows the challenges businesses face finding and securing good talent. Lori will work with you, using her almost thirty years in Human Resources, to determine your goals and help you find the right tactics to achieve them. Additionally, Lori works with clients in all categories to grow their business. If you have questions about recruiting employees or want to grow your business, give Lori a call.