The CMS Wire said, “A significant number of the nation’s workers, forced to work remotely from home because of the coronavirus pandemic, may find themselves permanently working from home, according to a new survey from research firm Gartner. The study found that 74 percent of respondents expect at least five percent of their workforce who previously worked in company offices to become permanent work-from-home employees after the pandemic ends.” That means a remote work tax deduction.
Now more people work remotely from home. Even before the pandemic began, remote work was growing in popularity in the tech industry. Twitter decided to allow employees to work from home indefinitely and is the largest tech company to date to offer such an option — which could give its 5,100 employees in 35 offices around the world much more flexibility over where and how they work. The company planned to set up a decentralized work system before the novel coronavirus pandemic.
Hiten Shah, an entrepreneur who has worked remotely for 17 years, says of remote work, venture capitalists preferred to invest in companies with offices nearby, and office proximity was also a factor in determining start-up acquisitions. He said the coronavirus Companies embracing the cost savings of remote employees compared to having an office and all the things that come with that find it just ridiculous the cost savings.
Twitter said, “If our employees are in a role and situation that enables them to work from home and they want to continue to do so forever, we will make that happen,” said Jennifer Christie, Twitter’s head of human resources. “If not, our offices will be their warm and welcoming selves.”
The government loosened the eligibility rules for claiming a remote work tax deduction to allow more self-employed filers to claim this break. People who have no fixed location for their businesses can claim a home office deduction if they use the space for administrative or management activities, even if they don’t meet clients there. In Tax Tips for 2020, the IRS says,
Eliminated is one home office trap that used to scare away some taxpayers.
In the past, if you used 10% of your home for a home office, for example, 10% of the profit when you sold did not qualify as tax-free under the rules that let homeowners treat up to $250,000 of profit as tax-free income ($500,000 for married couples filing joint returns).
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