October 20, 20205 yr Now that my 9-5 corporate office job has me working out of my house 5 days per week, what are some tax deductions that I can take advantage of? My electricity bill is up, my previously personal use of internet services is now critical (& unreimbursed) from my job, and part of my house is only used for work. Can anyone learn me on how to lower my taxes? Also I don't have a personal side hustle out of my home, but would that help if I started something that operated at a 100% loss?
October 20, 20205 yr The (Cannot be Named) Tax Cuts suspended home office deduction for W-2 employees.
October 20, 20205 yr What about for independent contractors? Most summers, I travel the state and the country presenting at workshops for teachers and I get a 1099 form from each school I present at. This past summer I did all of them from home. Are there any expenses I can deduct?
October 20, 20205 yr 2020 - aww, tax deductions, how quaint. 2010 - Hmmm, will it trigger an audit if I show 50K miles driven in my only personal vehicle, but deduct 48K of them for non-commute work miles? Edited October 20, 20205 yr by BearSchlong
October 21, 20205 yr 7 hours ago, HornOnTheBayou said: What about for independent contractors? Most summers, I travel the state and the country presenting at workshops for teachers and I get a 1099 form from each school I present at. This past summer I did all of them from home. Are there any expenses I can deduct? Isn’t @Brew our personal CPA?
October 21, 20205 yr Even before the tax law changes, home office deductions were known as extreme audit bait.
October 21, 20205 yr 1 hour ago, TwiceHorn said: Even before the tax law changes, home office deductions were known as extreme audit bait. If your CPA sucks
October 21, 20205 yr W-2, no deductions. 1099, take $5 per square foot on the office space or the percentage of the bills based on the percentage of the office space to the home space. Issues with depreciation on actual, so most I see use the $5 per foot deduction.
October 21, 20205 yr 1 hour ago, Revolution512 said: If your CPA sucks Not true, most do not properly take depreciation into account which creates a problem under audit on home office. Plus, the IRS keyed in on them for years because people did not have proper offices set up and were using stupid percentages like 50% of their house. I’ve seen more audits for home office related issues on self employed than most anything else except mileage and charitable contributions.
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