ELMIRA, N.Y. (WETM) – On a federal level, only those self-employed can receive a tax deduction for business expenses from working from home, according to one local accountant.
However, in New York, even those who are employed, meaning people who fill out a W2, may be able to receive a tax deduction for business expenses from working from home from the state, according to Matt Green, partner at Mengel Metzger Barr & Co Llp.
“So it’s possible, as a New York state employee, If you had enough unreimbursed expenses, which includes business use of home expenses, that you may be able to deduct those expenses on your New York state tax return,” said Green. “It could be computer expenses office equipment, it could be internet utility bills.”
If you are working from home, you have to make sure that area is only being used for that home business, so you deduct a portion of your real estate taxes, mortgage interest, utilities and home-owners insurance.
These potential deductions won’t seem to hurt the counties in our area. According to the County Treasurer Offices, Chemung, Schuyler and Steuben are all doing better revenue-wise than was projected for 2020.