Bill Bischoff tackles what's bound to be one of the biggest tax filing questions next year.
Say you’ve had to work from home during the COVID-19 crisis. Join the club. Like many others who are lucky enough to be able to do their jobs from home, you might now be wondering if you can claim a federal income tax deduction for home office expenses. As things currently stand, the answer is no unless you’re self-employed.
That could change if Congress grants additional COVID-19 tax relief in future legislation. However, the idea of allowing home office deductions for employees during the COVID-19 mess does not seem to have gained any traction so far. But that could change and I hope it does. Stay tuned. The rest of this column is devoted to home office deduction issues for self-employed individuals. Here goes.
Special rule for inventory storage space Self-employed expenses allocable to space in your residence that is regularly used for storing inventory or product samples for a retail or wholesale product sales business are deductible if the space is the sole fixed location of the business. In this scenario, exclusive use of the space is not required, but regular use is required. For example, it’s OK if you use part of your den to store inventory.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Self-described neo-Nazi pleads guilty in plot to attack historic Colorado synagogueA self-described neo-Nazi has pleaded guilty to federal hate crime and explosives charges for plotting to blow up an historic synagogue in Colorado.
Read more »
Jameela Jamil Wants You To Throw All Your Self Expectations Out the Window'When it's constructive criticism I listen. And when it's just people trolling, I remember that I used to be an internet troll. I was a right asshole on the internet and it was because I was miserable. I had no access to care.' jameelajamil
Read more »
Uber ATG self-driving-car project hobbled by infighting, balky tech - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Self-Portrait Opens First China Flagship in Beijing’s SanlitunIts China joint venture deal with Ellassay Group has been vital and timely for the brand to shake off COVID-19 disruptions.
Read more »
Black Women With Breast Cancer Face a Unique Bias — Here’s How to Self-AdvocatePrejudice has long been baked into the medical field. For Black women, this implicit bias can be particularly deadly.
Read more »
Caper debuts AI-driven self-checkout solution - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »