Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

income averaging for regular people

corinnerichard
Level 3

what form can you use for tax year 2020 to income average,  client is not a farmer or a fisherman.  is this still available.  thanks

Labels (1)
0 Cheers
4 Comments 4
sjrcpa
Level 15

It went away with the Tax Reform Act of 1986.

Sadly, I am old enough to remember this.

corinne91
Level 1

Thank you.  Just got a call from a client, said that in Sunday Chicago Sun Times paper that you can deduct home office expenses since he can not travel and do his job due to covid his main office at home, but he does not meet any clients there just make all phone call, computer make sales, etc. any thoughts

0 Cheers
qbteachmt
Level 15

"any thoughts"

An Employee of an entity has their employer set up An Accountable Plan for reimbursment of qualified expenses they submit to their employer.

A Sole Proprietorship could have a home office.

The IRS tells you who qualifies.

*******************************
"Level Up" is a gaming function, not a real life function.
0 Cheers
IRonMaN
Level 15

"Sadly, I am old enough to remember this."

Sadly, I am old enough to forget that I used to remember that.


Ukraine - hang in there