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What happens when a W-2 employee needs to deduct work related expenses due to Covid-19?

2020-10-11T23:21:57+00:00

Our previous blog discusses the home office deduction and how it is not available to W2 employees working at home due to COVID. In addition, at-home employees cannot deduct equipment, such as computers, printers and supplies, postage, business meals, and miles driven for business, not even telephone and internet expenses, even though they are using them for work. How does an employee get made whole for using their own items for business usage?  The only way is through their employer.  The employer will get the deduction for such expenses.  However, there is a caveat as to how this reimbursement is handled [...]

What happens when a W-2 employee needs to deduct work related expenses due to Covid-19?2020-10-11T23:21:57+00:00

Home Office Deduction post TCJA of 2017

2020-09-15T01:13:38+00:00

https://killingsworthspencerllc.com/blog Right now, at least 1 in 3 Americans find themselves working from home due to the Covid-19 pandemic. The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the Home Office deduction through 2025 for W-2 wage earners. This means if you receive a paycheck from an employer, you cannot deduct an expense for working in a designated part of your home. If you have an office outside the home but are now required to work from home due to the pandemic, the pandemic is NOT considered a hardship reason for a Home Office deduction according to IRS regulations. If [...]

Home Office Deduction post TCJA of 20172020-09-15T01:13:38+00:00
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