Before Trump’s tax “cuts” you could deduct home office expenses from your income on your taxes. Any improvements or utilities just for the office area were 100% deductible, and a certain percentage of household expenses based on the square footage of your home and office.
Specifically, you don’t qualify for those cuts if you’re a W2 employee. You can if you’re a 1040. Because of the way Covid worked out, that ended up meaning a whole lot of people got chopped off from a tax cut they otherwise would have had.
I had been working from home before Covid as a W2. The credit wasn’t big; it amounted to a few hundred bucks for the year. But it’s not nothing, and I always remember it when MAGA says Trump cut your taxes.
I usually got a couple thousand in deductions. But I included 10% of all my housing expenses including my mortgage, not just utilities. Then again I had oil heat with an electric baseboard in a leaky house for most of that so my heating bills were astronomical.
I wonder how all the folks working from home getting a fat tax deduction would have changed history.
Before Trump’s tax “cuts” you could deduct home office expenses from your income on your taxes. Any improvements or utilities just for the office area were 100% deductible, and a certain percentage of household expenses based on the square footage of your home and office.
Specifically, you don’t qualify for those cuts if you’re a W2 employee. You can if you’re a 1040. Because of the way Covid worked out, that ended up meaning a whole lot of people got chopped off from a tax cut they otherwise would have had.
I had been working from home before Covid as a W2. The credit wasn’t big; it amounted to a few hundred bucks for the year. But it’s not nothing, and I always remember it when MAGA says Trump cut your taxes.
I usually got a couple thousand in deductions. But I included 10% of all my housing expenses including my mortgage, not just utilities. Then again I had oil heat with an electric baseboard in a leaky house for most of that so my heating bills were astronomical.
I wonder how all the folks working from home getting a fat tax deduction would have changed history.