Self-Employed and Gig Workers: Should You Claim the Home Office Deduction?
Self-Employed and Gig Workers: Should You Claim the Home Office Deduction? The rise of freelancing, self-employed and gig work is one of the biggest labor stories of the last 20 years. More and more workers have been looking beyond the normal nine to five and making their own way in the world, creating an income they can rely on, one that is directly tied to their skills and abilities. COVID-19 only accelerated this trend. Working as a freelancer or gig worker can also open up a world of tax savings possibilities. From retirement plans with generous contribution limits to health savings accounts to cover the high cost of private insurance to the ability to write off office supplies and other essentials, this class of workers enjoys some truly phenomenal tax breaks. Generous Deduction or Audit Trap? One of the most generous of those tax breaks is also one of the most misunderstood. The home office deduction has been around for decades, but many freelancers and memb