Home Office Tax deductions remains a Hot Topic

Sep 8, 2022

We have all been working from home at some point in the last two years and I still get a LOT of questions about Home Office Tax deductions. There is a so much misinformation out in the world.

Taking a home office deduction will NOT get you audited!  There are milions of home office filers in the United States. It is now a common and widely used deduction. You do however want to make sure that you are entitled to take this deduction. I have posted a worksheet with eligibility requirements on my website.

Just yesterday I received a call from a client who rents his home but also shares it with his family (and pet!) and he was complaining about how hard it is to work at home. He is looking into office space which even now, once you include insurance and utilities, is expensive. I recommended that he move to a bigger home where he could have an office with a door. This is preferable to signing an office lease, in my opinion. Or, if moving is not viable, how about “hotel space” at a coworking place where rather than an office with a door, you rent floating desk space. This may also reduce your costs. Not all decisions are based only on taxes. We must always look at the actual cash flow choices we are making. Sound fair?

So let’s keep talking about Home Office deductions and how to maximize your tax benefits while also making smart life and cash flow choices.

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