With working remotely more common now, many business owners are looking closely at how they might deduct some of the costs associated with maintaining their home offices.
Although the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the home office expense deduction for most employees until 2026, business owners may still be able to deduct such expenses—but only if they meet a number of conditions. These conditions vary depending on how the business entity is structured. (more…)