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Working from home?

1/19/2022

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If you are a contract worker or small business owner, you may be able to deduct home office expenses on your tax return, even if you are a renter.

Tax law changes in 2018 prevent employees with exclusively W2 income from taking advantage of this deduction.  But, if you have 1099 or Schedule C income, you may be able to claim a portion of your mortgage/rent, utilities, and other home expenses.

Read more:
​
​www.irs.gov/newsroom/how-small-business-owners-can-deduct-their-home-office-from-their-taxes

www.cnbc.com/2021/12/03/who-can-claim-home-office-tax-deduction-if-they-worked-from-home.html

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Set up an online account with the IRS to see your tax info

1/18/2022

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Create an ID.me account with the IRS to see payment history, stimulus payments, child tax credit payments, update bank account information, get an identity proteciton PIN and more.  

Tip:  Set up your account on your phone to easily snap a selfie when it's time to verify your identity.

https://www.irs.gov/payments/your-online-account
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2022 IRS Mileage Rate = 58.5 cents

1/18/2022

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​The IRS mileage deduction rate has increased from 56 cents to 58.5 cents per mile.

​https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2022

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    Lauren Gann, CPA

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