Although COVID-19 came with good changes too, such as reduced expenses when it comes to commuting, lower auto insurance premiums and no money toward pricey lunches and work clothing since most of us are working from home, it doesn’t mean that our finances are better than ever.
Even if we don’t pay any more for lunch at work, we are still eating. Not to mention that the utility expenses, which probably doubled in most households.
Looking from this perspective, it would be really nice to know if we can deduct these unwanted expenses on our tax returns. Well… these thoughts come down to the following question:
What are you? An employee or an independent contractor?
Unfortunately, if you’re an employee, the Tax Cuts and Jobs Act does not allow any more work-from-home expenses to be deducted. On the flip side, independent contractors can deduct them. Not fair, huh?
However, that’s not all you should know. Click through for more info!
