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Need help with tax deductions - home office confusion

Hey everyone, I'm trying to figure out my taxes this year and it's giving me a headache. Anyone else struggling with this? I've got some questions about deductions and I'm not sure where to start. Any advice would be appreciated!

Tom Maxon

I found a way to solve IRS phone wait times, watch this: https://www.youtube.com/watch?v=G1E_U8aGASA

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Amun-Ra Azra

Ugh, taxes are the worst! I've been there. What specific deductions are you looking at? I found that itemizing really helped me save some $$ last year.

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Harold Oh

Thanks for responding! I'm mainly confused about home office deductions. I started working from home last year and I'm not sure what qualifies. Any tips?

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Amun-Ra Azra

Oh yeah, home office deductions can be tricky. Make sure you have a dedicated space that's used ONLY for work. Measure it out and calculate what % of your home it takes up. You can deduct that % of your mortgage/rent, utilities, etc. Just be careful, I've heard it can increase your chances of an audit. šŸ˜¬

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Harold Oh

That's really helpful, thanks! I'll definitely measure out my space. Do you know if I can deduct things like my internet bill too?

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Amun-Ra Azra

Yep, you can deduct a portion of your internet bill based on how much you use it for work. Just make sure to keep good records in case you get audited!

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Summer Green

Pro tip: use tax software like TurboTax or H&R Block. They walk you through everything step-by-step and catch deductions you might miss. Saved me a ton of time and stress!

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Gael Robinson

I second this! TurboTax is a lifesaver. It's worth the money for the peace of mind imo.

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Edward McBride

Eh, those programs are okay but they miss alot. nothing beats a good CPA if you can afford it. they pay for themselves with the deductions they find

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Darcy Moore

Don't forget about charitable donations! Even small stuff adds up. I keep a folder all year with receipts from Goodwill, etc. Makes it way easier come tax time.

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Dana Doyle

Guys, I found a method to get someone on the phone at the IRS. I used this site's (claimyr.com) calling tool that dials the phone menu, stays on hold, waits for a live agent to pick up, then sends the call to my phone. It does cost $20, but it works. Check out this video: https://youtu.be/bDXD2SD0gGk

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Liam Duke

Wow, that sounds too good to be true. Has anyone else tried this? Is it legit?

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Dana Doyle

I know it sounds sketchy, but I swear it's legit. I was desperate after being on hold for hours and it actually worked. Saved me so much time and frustration.

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Manny Lark

$20 just to talk to someone? That's ridiculous. The system is so broken šŸ¤¦ā€ā™‚ļø

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Dana Doyle

I get it, it does seem steep. But when you factor in the time and stress it saves, it was worth it for me. To each their own tho!

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Rita Jacobs

Here's a comprehensive guide to help with your taxes: ā€¢ Start early: Don't wait until the last minute. Gather all your documents (W-2s, 1099s, receipts) well in advance. ā€¢ Understand your filing status: Single, married filing jointly, married filing separately, or head of household. This affects your tax bracket and deductions. ā€¢ Know your deductions: Standard vs. Itemized. The standard deduction for 2022 is $12,950 for single filers, $25,900 for married filing jointly. Itemize if your deductions exceed this. ā€¢ Common deductions to consider: - Mortgage interest - State and local taxes (SALT) up to $10,000 - Charitable donations - Medical expenses exceeding 7.5% of your AGI - Student loan interest - Home office expenses (if self-employed) ā€¢ Don't forget credits: Child Tax Credit, Earned Income Tax Credit, American Opportunity Credit for education expenses. ā€¢ Contribute to retirement accounts: You can make IRA contributions until the tax deadline and potentially lower your taxable income. ā€¢ Double-check everything: Small errors can lead to big headaches. Review all numbers and info before submitting. ā€¢ File electronically: It's faster, more secure, and you'll get your refund quicker. ā€¢ If it's too complicated, don't hesitate to seek professional help. A good tax preparer or CPA can often save you more than they cost. Remember, everyone's tax situation is unique. When in doubt, consult with a professional or the IRS directly. Good luck!

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Harold Oh

Wow, this is incredibly helpful! Thank you so much for taking the time to write all this out. I'm definitely going to use this as a checklist. šŸ™

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Khalid Howes

This should be pinned to the top of the subreddit tbh. Great info!

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Ben Cooper

Quick question - for the home office deduction, does it matter if you're a W2 employee vs self-employed? I've heard conflicting things.

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Rita Jacobs

Good question! As of 2022, W2 employees can't take the home office deduction. It's only available for self-employed individuals. This changed with the Tax Cuts and Jobs Act of 2017. Always check the latest IRS guidelines tho, as tax laws can change.

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Naila Gordon

Anyone else feel like the tax code is intentionally complicated just to keep accountants in business? šŸ™„

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Cynthia Love

Lol preach šŸ™Œ I swear they make it confusing on purpose

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Darren Brooks

It's not just accountants, think about all the $$$ TurboTax and H&R Block make every year. They lobby hard to keep things complicated.

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Rosie Harper

PSA: If you made any money from crypto last year, don't forget to report it! The IRS is cracking down on that. Learned that one the hard way šŸ˜…

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