Skip to main content
Level 4
February 18, 2021
Question

income averaging for regular people

  • February 18, 2021
  • 4 replies
  • 30 views

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

This topic has been closed for replies.

4 replies

sjrcpa
Level 15
February 18, 2021

It went away with the Tax Reform Act of 1986.

Sadly, I am old enough to remember this.

The more I know the more I don’t know.
corinne91Author
Level 4
February 18, 2021

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

qbteachmt
Level 15
February 18, 2021

"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.

Don't yell at us; we're volunteers