More people have had to navigateworking from homeand the workplace expenses that come with it.
Standard deduction:The standard deduction is an all-encompassing flat rate, no questions asked.
For tax year 2021, the flat rate is $12,550 for single filers and those married filing separately.
The rate is $25,100 for married filing jointly.
Taking this route is much easier than itemizing.
Here are some of the most common deductions for folks working from home.
Home office deduction
Thehome office deductionmay be the largest deduction available if you’re self-employed.
If you work 100% remotely as a W-2 employee, youdo notqualify for this deduction.
The other main requirement is that the space be reserved for and dedicated entirely to your work.
“Can you deduct a home office if you work at your kitchen table?
Unfortunately, no,” says Lisa Greene-Lewis, CPA, and tax expert with TurboTax said.
you might’t deduct the space at your kitchen table if your family also eats dinner there."
This would be an alternative to calculating the various individual home expenses.
The self-employed and business owners, however, are still eligible for this deduction.
And Green-Lewis says if you and your partner are both teachers, you both can claim the deduction.
And the deduction threshold is generous.
Your tax questions, answered:
