Social distancing orders in light of the coronavirus pandemic have forced companies to send workers home and have them work remotely. The trend might continue. According to a Gartner survey of 317 finance executives on March 30, 3 out of 4 chief finance officers and finance leaders are considering moving at least 5% of their on-site workforce to remote positions permanently after the pandemic.
In addition, many people have reported an increase in quality of life and a shift in the work-life balance after having worked from home for a while. But all of this can raise tax issues for you that could come back to haunt you. That’s why in this episode of the podcast I wanted to talk about those issues, so that if you’d like to make your kitchen, your spare bedroom, or your beach house your permanent office, you will know what it might mean for your taxes.
In this episode you will learn:
- What bordering states have reciprocal tax agreements
- How being taxed by two states can work for or against you
- The good and bad news about home office deductions
Links & Resources
- New Jersey Schedule NJ-COJ
- NJ Jurisdiction Codes
- Reciprocal Agreements in Other States
- Forbes Article by Kelly Erb
- IRS Form 8829
- IRS Schedule C
- Simplified Option for the Home Office Deduction
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