Tax expert Mark J Kohler reveals that Americans working from home may claim substantial tax credits, particularly the S-Corp home office deduction, which facilitates significant savings. With remote work becoming a standard practice, over 22 million Americans can utilize this deduction for home office and car expenses based on specific conditions set by the IRS. Kohler emphasizes the importance of understanding eligibility requirements for claiming these deductions, particularly for self-employed individuals, while also debunking several common tax myths that could mislead taxpayers during tax season.
Working from home is no longer a trend—it's the new normal. Whether you're running a full-time business, managing a side hustle, or freelancing, the S-Corp home office deduction can be a game-changer for your finances.
To be able to claim this, taxpayers must exclusively or regularly use part of their home as their primary place of business. However, you must be self-employed or a business owner.
The IRS has guidelines that allow for home office and vehicle deductions, but they require taxpayers to meet certain criteria to ensure compliance.
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