T he home office deduction is a tax break that some self-employed people who work from home can use to lower their taxable income and reduce their obligation to the IRS. The qualifying guidelines ...

Simplified home office deduction You can deduct $5 per square foot, up to $1,500 or 300 square feet, a year for your exclusive home office space -- if it's used for the full year.

Simplified home office deduction. You can deduct $5 per square foot, up to $1,500 or 300 square feet, a year for your exclusive home office space ‒ if it's used for the full year.

The home office deduction can be a great benefit, but it’s not available to everyone—only those who qualify can take advantage of it. Key Takeaways.

For example, if you have a 300-square-foot home office (the maximum size allowed for this method), and you work from home for three months (25% of the year), your deduction is $375 ((300 x $5) x 0 ...

Prior to 2018, employees who receive a W-2 were able to use the home office deduction to offset some of their employment expenses, but the Tax Cuts and Jobs Act did away with that until the end of ...

A home office deduction can either be calculated using the regular or simplified option. The regular method requires calculations using IRS Form 8829, Expenses for Business Use of Your Home, ...

Of all the tax breaks available, the home office tax deduction is among the murkiest and most misunderstood. And the passage of the 2017 Tax Cuts and Jobs Act has made things even more complicated.

The general rule is that any ordinary and reasonable expense you pay while conducting a business activity is deductible in ...

The home office deduction allows some filers to claim a tax break for expenses incurred working remotely. If you were a W-2 employee in 2024 — meaning your company withholds taxes from your ...