Like many workers during the pandemic, you went from a somewhat quiet office to your tiny home “office” where you couldn’t escape your noisy kids and barking dog. With Tax Day pushed back to May 17th, this has given taxpayers extra time to find ways to lower their tax bills. Like most, you may have thought to yourself, “Wait a minute, I worked out of my home office for 9 months last year. Can I claim the home office deduction?”
As you would expect, taxpayers must meet very specific requirements to claim home expenses as an income tax deduction. You must be a certain type of taxpayer, you must determine if the office is really your principal place of business, and only certain expenses qualify for the deduction.
Watch this video from our Sacramento Wealth Advisor and CPA, Matt Regan, to learn whether or not you qualify for the home office deduction, and if you do, how to calculate the deduction.