• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Unlock home office tax breaks

Get PDF file
Michelle Pena

by on
in Centerpiece,Small Business Tax,Small Business Tax Deduction Strategies

If you operate an unincorporated business—say, a sole proprietorship—you may qualify for home office deductions. But the new Tax Cuts and Jobs Act (TCJA) shuts down write-offs for corporate employees.

Strategy: Have your company reimburse your home office expenses. This way, you won’t be taxed on the payments, while the company can deduct the reimbursements.

It all has to do with the TCJA’s suspension of itemized deductions for miscellaneous expenses for 2018 through 2025.

Here’s the whole story: To qualify for home office deductions, you must use the office regularly and exclusively as (1) your principal place of business (i.e., the place where you conduct most of your income-earning activities or the place where you conduct all your administrative chores) or (2) a place where you meet with customers, clients or patients in the normal course of business.

If you meet one of those standards, it entitles you to d...(register to read more)

To read the rest of this article you must first register with your email address.

Email Address:

Leave a Comment