In 2024, qualifying for the home office deduction has become more challenging, particularly for W-2 employees who are ineligible due to the 2017 tax reforms. A recent survey revealed that only 7% of companies allowed fully remote work, while 40% supported hybrid models. However, self-employed individuals or contractors can still claim this deduction if they use a dedicated home space exclusively for business. There are two calculation methods available — the simplified option and the regular method — each with specific criteria and limits.
The home office deduction in 2024 is limited, primarily affecting W-2 employees who have lost out on this tax break due to changes in tax law.
To qualify for the home office deduction, you must have a dedicated space used regularly and exclusively for business, whether you're self-employed or contracted.
Only 7% of companies allowed fully remote work in 2024, highlighting a decline in remote work opportunities and the impact on home office tax deductions.
W-2 employees can't claim tax breaks for home office expenses in 2024, following the elimination of certain deductions through the 2017 tax cuts.
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