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
