More and more employers are requiring that their employees work from home. This often happens so that companies can save on the cost of providing a work space for you.
As an employee, this is not a bad situation to be in. This scenario may create an opportunity for additional employee tax breaks, which will help you, the employee. However, these tax breaks and how to report these deductions (if you qualify) should not be ignored or glossed over.
In order to deduct expenses for the business use of your home, part of your home must be used exclusively and regularly as your principal place of business, or as the prime place where you conduct business with your clients and/or customers.
If you qualify and can deduct part of your home, you may be able to deduct the business portion of:
To find out more about our income tax services, call 610-525-2933 or fill out our contact form here.