SAN DIEGO (KGTV) -- With millions now working from home during the pandemic, there’s question about what—if anything—can people deduct from their taxes.
Andy Fang is one of the many now working from home. There are positives, like his new tiny co-worker—his four-month-old.
“Normally I wouldn’t be able to get to see her, until before or after work. Now during lunch time or I’m taking a break, I could just stop by and see her,” Fang said.
Of course, there are obstacles when working alone.
“You don’t really see people and if you need something, you have to either instant message them or set up a meeting. There [are] some challenges with that,” Fang said.
While home offices and related expenses were tax deductible at one point, a financial expert told me the new tax law changed that for employees.
SOT With all of the changes, many quickly had to convert rooms to home offices.
And while the office and related expenses were tax deductible at one point—a financial expert told me the new tax law changed that.
When the tax act in 2018 went in, it eliminated all those unreimbursed employee expenses,” said financial advisor Dennis Brewster.
Brewster said there are a few minor exceptions. That includes Armed Forces reservists, qualified performing artists, fee-based state/local government officials, and employees with impairment-related work expenses.
If you’re self-employed or an independent contractor, you can still deduct your home office and expenses.
“You want to make sure you do two things—keep good records, keep those receipts… and also proof of payment,” Brewster said.
