If you’re anything like us, you’re already thinking about what deductions you'll take come tax season. Sadly, one you might miss out on is a home office tax deduction in 2020, since the Tax Cuts and Jobs Act eliminated unreimbursed employee expenses for almost all W-2 workers in 2017. That means, from 2018 to 2026, employees cannot deduct home office expenses unless they are a member of four protected groups. Which is a bummer with so many of us setting up our new home offices thanks to COVID, right?
We're all pretty disappointed by this change. Deducting home office expenses and other business-related expenses was beloved. In 2015, those who itemize deductions did so to the tune of $96 billion in unreimbursed employee expenses.