Listen Now: A Taxing New Reality
Working from home is raising a lot of tax questions, but you might not like the answers.
With almost everyone spending their 9-to-5 in their home office, people are wondering how much of this they will be able to write off. But according to CPAs, there is no longer any deduction for an employee working from their house. That changed in 2018 with the President Trump tax cuts. Another change–you can no longer deduct expenses related to finding a job.
But the news isn’t all bad. According to USA Today, depending on your situation, you might be able to claim a few things. For example, if you are self-employed or an independent contractor, you can claim a home office deduction.
Even though school has moved online, in most cases teachers can still receive a $250 deduction for unreimbursed business expenses.
Something else to look at–where you’re living, compared to where you’re working. Some states, such as New York, will tax income earned while in that state even if your primary residence is somewhere else.
Might be time for an accountant.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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