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You may be able to take a tax break for your home office expenses, but you need to follow some strict rules. There's a lot of confusion around the home office deduction because many remote workers ...
Home office-related deductions are based on the percentage of your home that you use for business. If you meet IRS guidelines, you can deduct the following home-related expenses: Homeowners insurance.
The number of people who work from home exploded in 2020 because of the COVID-19 pandemic. Some people will be able to take a tax deduction for their home office expenses, but many will not.
With tax season 2023 in full swing, knowing how to navigate working-from-home tax deductions can help you save time — and money — on your returns. Read: 3 Ways Smart People Save Money When ...
The IRS lays out the rules for deducting home office costs in Publication 587. There's a … Continue reading ->The post All About the Home Office Tax Deduction appeared first on SmartAsset Blog.
Here’s how to calculate your home office deduction using the simplified option: 250 x 5 = $1,250 for the year. ... Some states offer rent tax credits, which only apply to state income taxes.
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