Working from home can save you almost $5,000 a year: 19 News Financial First Aid

Working from home can save you almost $5,000 a year: 19 News Financial First Aid

CLEVELAND, Ohio (WOIO) - Many Ohioans are working from home these days, and it turns out, it's saving you money!

You may also be wondering, if you can write off some of your work expenses.

We're getting answers for you.

Working from home is saving many Americans right now.

The average worker can save almost $5,000 dollars a year and gain a “work week” of time, according to Zippia, the career expert site.

Gas, lunch, coffee and even grooming all add up.

You save even more money, if you're not paying for childcare right now.

You can try out Zippia’s calculator yourself to see how much you may be saving by working from home.

We wanted to know if you can write off your work-from-home expenses during quarantine, including things like new desks or computer equipment.

It turns out, for many Americans, the answer is no.

You used to be able to deduct home office expenses, but now if you're an employee, you cannot deduct those expenses.

The Tax Cuts and Jobs Act, which went into effect in 2018, eliminated that.

But if you're self-employed, as an independent contractor or entrepreneur, you can deduct qualified business expenses, including the use of your home office.

Here’s Kimberly Palmer, a personal financial expert with Nerd Wallet.

“Whenever you make a big purchase, whether for work or personal use, you want to keep track of what those expenses are. And if you’re working from home, and you’re using what you purchased for work, it might be something you need next time you file your taxes. You definitely want to keep all of those receipts, track all of that paperwork, because it can really come in handy later,” Palmer said.

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