Work at home tax considerations

Work at home tax considerations

BEEN WORKING FROM HOME.

FORSOME... THAT CHANGE MIGHT BEPERMANENT.

IN TONIGHT'S -"THE REBOUND GREEN COUNTRY"- WE'RE LOOKING AT HOW THEPANDEMIC IS AFFECTING YOURABILITY TO MAKE ENDS MEET.OUR CORI DUKE SHARES WHATSOME PEOPLE HOPE CONGRESSWILL DO TO HELPWORK-FROM-HOME FAMILIES.THE AMERICAN OFFICE LOOKSPROFOUNDLY DIFFERENT THESEDAYS.

JUST ASK ERIC PRESSMANWHO IS SITTING OUTSIDE ONHIS BACK PATIO.

Eric "It'ssafer to do this right now.I'm happy to do it." ERIC,HASN'T BEEN TO HIS OFFICE INOVER TWO MONTHS.AND LIKEMANY WORKERS ACROSS THECOUNTRY HE PLANS TO BE HEREFOR AWHILE.

Eric: "I don'tfeel a need to rush back, Idon't want to put my kidsat risk." TURNING HIS HOME,INTO A HOME OFFICE THOUGHHASN'T EXACTLY BEEN CHEAP.WITH HIS KIDS ALSO GOING TOSCHOOL AT HOME ..

ERIC HADTO UPGRADE HIS INTERNETPLAN.

$43 MORE A MONTH.HISELECTRIC BILL, IS UP 40PERCENT IN THE LAST FEWWEEKS.

Eric: "I realizedwe're home all day, everyoneis ondevices and chargingsomething and using thingsI'm not used to." SO THEQUESTION BECOMES, WHO PAYSFOR THOSE INCREASED COSTS?ERIC HAS BEEN SAVINGRECEIPTS, HOPING CONGRESSMIGHT INCREASE TAXDEDUCTIONS AS MORE AMERICANSARE WORKING FROM HOME.

CPAARTHUR DEBENEDICTISEXPLAINED TO US MOSTDEDUCTIONS FOR HOME OFFICESDISAPPEARED IN 2018.

CPA:"For those people workingout of their house, I wouldgo to your employer and tryto get reimbursement forutilities maybe." THERE IS ASILVER LINING FOR SOME INTHE WAY OF TAX RELIEF.

ONLYSELF-EMPLOYED WORKERSARE STILL ELIGIBLE FORDEDUCTIONS.

IF THAT'S YOU,MAKE SURE YOU DESIGNATE ANAREA OFYOUR HOME JUST FOR BUSINESS.AND KEEP RECORDS.

BUT COULDLARGE SCALE DEDUCTIONS FORAMERICANS WORKING FROM HOMERETURNGIVEN THE CURRENT CRISIS?Alan: "I think it's harmfulto the workers who aredenied the deduction.

It'salso a violation of good taxpolicy principles." ALANVIARD IS A RESIDENT SCHOLARFOR THE AMERICAN ENTERPRISEINSTITUTE.

HE' BEENADVOCATING CONGRESS SHOULDREINSTATE THE WORK FROM HOMEDEDUCTIONS - ESPECIALLY NOW.Alan: "Some of these issueof tax policy may seem minorto Congress because they arenot as big in dollar termsas some of the other issuesthey're dealing with but areimportant the peopleaffected by them."ERIC: "I figure if I keeptrack of everything, keeptrack of receipts maybe oneof these bills they passwill allow meto deduct expenses I neverwould've had." ((CORI ONCAM)) IN THE MEANTIME,AMERICANS LIKE ERIC PRESSMANWILL CONTINUE TO ADAPT TOTHIS NORMAL.

AS THE COUNTRYWAITS TO SEE HOW THE ECONOMYWITH REBOUND.

CORI DUKE TWOWORKS FOR YOU