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Monday, April 16, 2018

Can you deduct home office expenses?

For 2018, fewer taxpayers will be eligible for a home office deduction. Employees claim home office expenses as a miscellaneous itemized deduction.

For 2017, this means there’s a tax benefit only if these expenses plus other miscellaneous itemized expenses exceed 2% of adjusted gross income. For 2018, the Tax Cuts and Jobs Act suspends miscellaneous itemized deductions subject to the 2% floor. But if you’re self-employed, you can deduct eligible home office expenses against self-employment income. Additional rules and limits apply; contact us for details.

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