To take the home office deduction, freelancers will need to have an area of their home that is dedicated to conducting business — and they'll need to work there regularly. This means that working from your kitchen table won't qualify. The best way for freelancers to meet the requirement is to designate a workspace that won't be used for personal reasons.
Keep in mind, your home office does not need to be a full room — nor does it need to be separated by permanent physical barriers. Your home office could be the five feet around your desk and office chair, the room where you meet with clients, or the sound-proof closet where you record your podcast. So long as you use the area exclusively and regularly for business, it will qualify.
The simplified method involves taking a prescribed deduction based on the size of your home office. You can deduct $5 per square foot up to 300 square feet, making the maximum deduction $1,500 for this method. The actual-expense method allows you to deduct individual expenses associated with your business or home office. Generally speaking, if your home office costs exceed $1,500, you'll want to use the actual expense method.
Under the actual-expense method, direct expenses — those that are used exclusively for business or in your home office — can be deducted in full. If you set up a home office this year during the mandated COVID-19 lockdown, you can deduct the cost of all your new furniture, equipment, and decor. Specific examples of direct expenses include:
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