We are about four weeks away from the extended tax filing deadline on May 17, and taxpayers may be putting together their final list of deductions to include in their 2020 return.
One deduction that should be on insurance professionals' radars is the home office write-off. According to the IRS, this deduction is " available to qualifying self-employed taxpayers, independent contractors, and those working in the gig economy." However, employees working from home who receive a paycheck or W-2 exclusively from an employer are not eligible for this benefit.
There may be other tax breaks insurance professionals and their families can qualify for that often go overlooked.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
