Work From Home Tax Deductions – How to Get it Right
Covid-19 means so many people made the switch to work from home. Many of our own staff included! In fact as I write this, I’m in my new make-shift home office.
Here’s the good news: Work from home tax deductions could mean a bigger tax refund, this year!
If WFH is your “new normal”, then you probably use your own internet, phone and power for work purposes – plus, in some cases, your computer, equipment and furniture. That means, you’ll have more things to claim on your tax return. And more deductions means, bigger tax refunds in your pocket.
Let’s dig into work from home tax deductions.
But first, an important preview: If you just take the ATO’s advice and use their 80 cent per hour WFH deduction, you might get a smaller refund.
The ATO is running paid ads, telling people to use the 80 cent work from home deduction.