Retirement Starts Today Radio

Since 2020 was the year of working from home, you may be wondering how you can deduct your home office expenses from your taxes now that tax time is upon us. For this reason, we explore an article written by Jeffrey Levine at Kitces.com. Learn the home office deduction rules and discover if they will apply to your situation. Outline of This Episode [2:12] The specifics of the home office deduction [9:19] How to calculate the home office deduction [11:55] Should he open an additional IRA? Who is eligible for the home office deduction? Many small business owners can claim a home office deduction as a tax break. However, not every person working from home can claim this deduction. For instance, the deduction is not accessible for employees who work from their own home offices. People owning partnership interests, on the other hand, are potentially eligible for this deduction. There are specific rules that need to be followed in order to determine whether your home office qualifies. What are the rules to claim