{"id":2556,"date":"2020-06-16T15:24:06","date_gmt":"2020-06-16T15:24:06","guid":{"rendered":"https:\/\/www.velocitymicro.com\/blog\/?p=2556"},"modified":"2020-06-16T15:24:06","modified_gmt":"2020-06-16T15:24:06","slug":"am-i-eligible-for-a-home-office-tax-deduction","status":"publish","type":"post","link":"https:\/\/www.velocitymicro.com\/blog\/am-i-eligible-for-a-home-office-tax-deduction\/","title":{"rendered":"Am I Eligible for a Home Office Tax Deduction?"},"content":{"rendered":"<p><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-2558\" src=\"https:\/\/www.velocitymicro.com\/img\/blog\/taxdeduction-blog-banner.jpg\" alt=\"Man working at home office\" width=\"640\" height=\"300\" \/><\/p>\n<p>As large portions of the world settle into a new normal, many people who previously worked in one central office now find themselves working from home. This comes with its own unique set of challenges and benefits. One of those benefits is the Home Office Tax Deduction.<\/p>\n<p>Many people may be wondering if they now qualify for a tax break. Like anything tax related, the answer is somewhat complicated and depends on your employment status.<\/p>\n<h2>Do I Qualify for a Deduction?<\/h2>\n<p><strong>First, and most important \u2013 if you are a W2 employee, you do not qualify for a home office deduction under the current tax law, even if you\u2019re currently working from home.<\/strong> For the self employed, the rules are different. In this instance there are only two listed requirements for claiming a home office tax deduction:<\/p>\n<ul>\n<li>Regular and exclusive use<\/li>\n<li>Principal place of your business<\/li>\n<\/ul>\n<p>This is pretty broad, and suggests that most people who are now working from home AND are self-employed in some form should easily qualify. For more information about qualifications surrounding specific fields of work <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-587\" target=\"_blank\" rel=\"noopener noreferrer\">click here<\/a>.<\/p>\n<p>In addition to claiming areas of your home, you can also deduct expenses from a studio, garage, or shed that is not inside of your home.<\/p>\n<p>While this deduction was developed for homeowners, renters can use it as well as long as they meet the criteria.<\/p>\n<h2>Calculating Home Office Tax Deductions<\/h2>\n<p>Properly calculating and filing deductions is typically a difficult process. In 2013 the IRS tax code for home office deductions was simplified. We now have two options. Calculating your deduction can be done by using the following Simplified or Regular method:<\/p>\n<h3>Simplified Method<\/h3>\n<ul>\n<li>Portion of your home must be used exclusively as an office<\/li>\n<li>Square footage can not exceed 300 feet<\/li>\n<li>Claimed discount should be calculated at $5 per square foot<\/li>\n<li>Total deduction can not exceed your gross income after expenses<\/li>\n<\/ul>\n<h3>Regular Method<\/h3>\n<ul>\n<li>Portion of your home must be used exclusively as an office<\/li>\n<li>Calculate the % of home used as an office<\/li>\n<li>Calculate actual yearly expenses<\/li>\n<li>Add a depreciation deduction for portion of home used<\/li>\n<li>Total deduction can not exceed your gross income after expenses<\/li>\n<\/ul>\n<p>Both methods are similar, but the standard method allows you to claim larger spaces, as well as itemize your deductions. For a full list of steps and to find the proper forms head over to the <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/simplified-option-for-home-office-deduction\" target=\"_blank\" rel=\"noopener noreferrer\">IRS page on home office deductions<\/a>.<\/p>\n<p><em>Disclaimer: We\u2019re smart, but we\u2019re not tax professionals. This article is for informational purposes only. Please consult your tax professional before taking any deductions.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As large portions of the world settle into a new normal, many people who previously worked in one central office&hellip;<\/p>\n","protected":false},"author":10,"featured_media":2561,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[26,80],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Do I Qualify for a Home Office Tax Deduction? | Velocity Micro<\/title>\r\n<meta name=\"description\" content=\"With many people around the world working from home now, you may be wondering how home office tax deductions work and if you can get one.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.velocitymicro.com\/blog\/am-i-eligible-for-a-home-office-tax-deduction\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Do I Qualify for a Home Office Tax Deduction? 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