This one is a bit of a noodle scratcher...
We have all had to adjust to the new way of life, working at home, attending multiple ZOOM meetings, and simply trying to figure out life in this new world.
And with the new world, comes unusual tax deductions, some of these unusual work from home tax deductions include lighting/photo equipment and microphones to help improve the appearance and quality of Zoom calls or online meetings.
As an example, university professors may need more reliable lighting and microphone quality to present lectures.
The trick is to remember that these expenses must be required to help you produce your income.
It’s also important to note that if you are expecting to spend over $300 on this type of equipment that you won’t get to claim a full tax deduction. Any equipment expense over $300 needs to be spread over a few years.
If you’re planning on claiming the 80c Shortcut Method, these expenses will not be tax-deductible.
So, if you are claiming home office the normal way, the equipment is required for you to continue producing your income, you have kept your receipts and your boss hasn’t reimbursed you, then you’re good to claim the expense as a tax deduction.
We make claiming your tax deductions simple!
Your Online Income Tax Return with Gotax can be completed anytime, anywhere, and on any device.
Occupation-specific tax deductions will ensure you never miss a tax deduction again, so you get the tax refund you deserve.
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Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.