Home-office expenses can’t be deducted
Q: I am an employee for a company that requires me to work from home. Can I deduct my home office expenses on my tax return? – J.C., Orlando
A: Because the Tax Cuts and Jobs Act of 2017 suspended miscellaneous itemized deductions, which included unreimbursed employee business expenses, you cannot deduct your home office and other unreimbursed employee business expenses on your tax return. – Sylvia C. “Chris” Presley
Q: I have $10,000 in my checking account that I do not know what to do with. Where should I put this? – K.W. Kissimmee
A: The main driver is when will you need this cash. If you need it relatively quickly, there are savings accounts and money market mutual funds paying decent interest rates right now. If you won’t need the money for a long time, it may be a good idea to invest it in a diversified portfolio. Ask a certified financial planner professional who can take into account your unique situation. – Tommy Lucas